County attendees to the 2019 December MACo Winter Conference learned the basics of risk management and the necessary tools to minimize liability at panel “Academy Core: Basics of Risk Management.” on December 4.
Good risk management practices are essential for local governments as they oversee many high-risk functions, including public safety, infrastructure maintenance, waste disposal, and special events. Reducing and controlling loss exposure protects a county and its taxpayers from unnecessary risk.
Local Government Insurance Trust (LGIT) Director of Field Services Larry Bohlen and LGIT Loss Control Consultant Jeff Perkins discussed why risk management is so important. They highlighted the liability and costs associated with poor risk management practices. They explained how local governments should approach buying and maintaining property and provide key public services.
The speakers also discussed managing risk based on types of exposures to: (1) property; (2) liability; (3) personnel; and (4) net income loss. They correlated these exposures to real and theoretical case studies.
The session counted as a core credit for the Academy for Excellence in Local Governance Certificate Program.
Queen Anne’s County Commissioner Chris Corchiarino moderated the panel.