I am pleased to provide the 2007 Annual Report on the activities and financial results of the University of Texas System risk management programs and the Office of Risk Management (ORM).
The day-to-day activities associated with the risk management programs throughout the UT System are handled by an intricate network of highly qualified and dedicated individuals. This network includes professionals in business affairs, environmental, health & safety, facilities, human resources, security, business continuity and many others.
A recently formed Risk Management Executive Committee (RMEC) provides oversight, strategic direction and serves in an advisory capacity for all risk management programs. The Risk Management Advisory Committee (RMAC) and the Environmental, Health & Safety Advisory Committee (EHSAC), comprised of institution representatives appointed by Chief Business Officers, support and facilitate cooperative efforts and make recommendations related to risk management activities that benefit all institutions.
The scope of risk management activities continues to expand. In fiscal year 2007, the total population of the UT System including student, faculty and staff was approximately 300, 000. Building and business income values exceeded $20 billion and approximately 20, 000 students, faculty and staff traveled internationally.
Ongoing and expanding programs in property conservation, disaster response, business resilience and continuity, international risk management, a construction boom, workers' compensation and business interruption will be among the many issues addressed by the Office of Risk Management in 2008.
ORM, in coordination with all the committees and individuals listed in the succeeding report, achieved excellent programmatic and financial results in 2007. Those results and the cost of financing the risks are described win the following report.
I trust this report will be informative and helpful.
Phillip B. Dendy
Director of Risk Management
