The Office for Compliance & Risk Management (OCRM) is responsible for administering Old Dominion University's traditional risk management services, including loss prevention initiatives, claims and incident management. Additionally, the OCRM provides oversight of the University Responsibility for Compliance - Policy #1003 and the University's Responsibility for Enterprise Risk Management (ERM).
When managing compliance and enterprise risk, the OCRM utilizes the hub and spoke management methods. Under this approach, the OCRM is the hub for both compliance and enterprise risk, with Executive Director chairing the Compliance Advisory Commitee and the ERM Advisory Counsel. Members of these two teams are made up of compliance and risk functional experts from the various compliance and risk units across the university. These teams meet at least quarterly with working groups meeting as needed to consider compliance and enterprise level risks to be reported to the teams.
Traditional Risk Management
Risk Management investigates and administers all property and casualty claims for the University and conducts program audits to determine vulnerabilities to liability and property exposures as well as compliance audits and audits of enterprise level risks which pose threats to achievement of strategic goals and objective.
Insurance products are provided through a combination of self-insurance and purchased insurance while assuring acceptable risk transfer and retention for all routine and unique exposures.