NWACC Risk Philosophy
Risk is inherent in all worthy endeavors; it is indispensable to the educational process. Without facing risk, NWACC cannot achieve a resilient environment that enhances the learning experience and supports the College's educational mission. Counterbalancing the value of risk is the need to preserve assets. When institutional assets are depleted by preventable loss, our educational mission is compromised.
Our Approach is Strategic
· We address these opposing elements by managing our risks strategically.
· We insure risk when affordable.
· We transfer risk when appropriate.
· We mitigate risk when feasible.
· We accept or avoid risk when prudent.
· We tolerate risk only when necessary.
Our Standards are Ambitious
This is accomplished through a comprehensive blend of education, training, exercises, policy adoption, and technology and resource procurement. NWACC aims to meet following conditions:
· Our policies are clear, succinct and sensible.
· Our procedures are neither intrusive nor obtrusive.
· Our practices are internally consistent.
· Our approach prefers education and influence over control.
In establishing priorities we exercise considered judgment about foreseeable losses in terms of their severity, frequency, mitigation effort, and mitigation cost. While we respectfully educate the threats to our assets posed by litigation, will we be not be solely governed by fear of risk in achieving our educational vision.