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What is Risk Management?
Risk Management is the management of risk exposure. The Fairfax County Risk Management Division acts as the county's "insurance company." The division monitors risk and loss exposures of the county and maintains commercial insurance and/or self-insurance funding reserves as well as safety, loss prevention and claims mitigation programs to minimize the risk.
Overview
The Risk Management Division is responsible for oversight and protection of county assets through purchase of insurance, contractual transfer of risk, program and operational analysis, mitigation of insured losses, loss prevention and related program and policy development.
The risk management program was formally established in 1986. The Risk Management Division has established countywide written policies and procedures relative to insurance and self-insurance, claims management and rehabilitation services, and employee safety and health programs. Since the program's inception, a number of management initiatives have been accomplished. These include cost effective property and casualty insurance renewals, implementation of a program to assess the risk of county contracts, medical management of long-term disability claims and vocational rehabilitation of disabled employees, implementation of numerous job safety policies to ensure compliance with the Occupational Safety and Health Act (OSHA) regulations and aggressive pursuit of recoveries for damages caused to county property by third parties.
All of the program initiatives have resulted in substantial cost avoidance annually, with a cumulative total since 1986 being in excess of $20 million. The program has been recognized by the National Association of Counties (NACO) and Virginia Government Finance Officers' Association (VGFOA) for its innovative and effective approach.
Mission Statement
The Risk Management Division is responsible for oversight and protection of county assets through purchase of insurance, contractual transfer of risk, program and operational analysis, mitigation of incurred losses, and loss prevention programs to minimize risk and loss potential.
Objectives
The Risk Management program objectives are as follows:
- To protect and preserve Fairfax County assets and it's work force against losses which could deplete county resources or impair the County's ability to meet its legal obligations or provide services to its citizens.
- To institute all practical measures to eliminate or control injury to persons, loss to property, or other loss-producing conditions.
- To achieve such objectives in the most effective and economical manner.
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