In 1977, the Board of Trustees adopted the following Risk Management Policy:
The University is to protect itself against accidental loss or losses which, in the aggregate during any financial period, would significantly affect University personnel, property, its budget, or its ability to continue to fulfill its responsibilities. In no event is any loss of life or significant personal injury to employees, students or members of the public acceptable. The risk management process, which includes a systematic and continuous identification of loss exposure, the analysis of these exposures in terms of frequency and severity probabilities, the application of sound risk control and loss prevention procedures, and the financing of these risks consistent with financial resources, is to be applied to risk of accidental loss.
Membership of the Council shall be comprised of persons holding the following positions:
The President may appoint additional members. The named members may designate alternates when regular attendance is unlikely. In these cases, chosen designees must be able to fully represent the unit for the named member and should be at an appropriate level to have a broad understanding of issues that are routinely discussed by the Council. Members requesting to have a designee appointed should forward the name of the individual to the Chair of the Council for approval by the President.
The named member shall remain on the mailing list for all meetings and minutes and should make an effort to attend whenever possible. The designee will be expected to attend all the meetings of the Council for the named member to assure continuity of representation for the unit.