City University, Bangladesh started its operations in 2003 under the private University Act, 1992 (amended in 1998). It is one of the best quality higher education providers in Bangladesh. City University has a State of Art campus in Uttara. Additionally, it has one of the best e-learning platforms in Bangladesh. City University has around 6000 students and 250 employees. It faces competition from the top 10 private universities in Bangladesh. Usually, students consider the cost while they take admission to private universities, but education quality and student satisfaction are also considered.
Question:
a) Briefly describe the steps in the risk management process that should be followed by the risk manager of City University.
b) Identify the major loss exposures faced by City University.
c) For each of the loss exposures identified in (b), identify a risk management technique or combination of techniques that could be used to handle the exposure.
d) Describe several sources of funds for paying losses if retention is used in the risk management program.
e) Identify other departments in City University that would also be involved in the risk management program.