Risk Management is a systematic process of identifying and treating risks of accidental loss. The basic objective of a Risk Management Program is to ensure that the financial stability of the City of Abbotsford is protected against the effects of accidental loss.
The City's Risk Management Program, approved by Council, is based on the following objectives to:
- protect the City against the financial consequences of accidental losses that are catastrophic in nature;
- preserve City assets and service capabilities from loss, destruction, and depletion;
- minimize the cost to the City of all activities related to identifying, preventing, and controlling accidental losses and their consequences; and
- establish, to the extent possible, an exposure-free work and service environment where staff, as well as members of the public, can enjoy safety and security in the course of their daily routines.
The City's Risk Management Committee has the authority to, and is responsible for:
- identifying and measuring risks of accidental loss;
- recommending and selecting the appropriate techniques for resolving risk exposure problems, such as risk assumption, risk reduction, risk retention, risk transfer, and/or purchase of insurance;
- developing and maintaining an information system in coordination with existing systems for timely and accurate recording of losses, claims, insurance premiums, and other risk-related costs and information.