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Comprehensive Guide to Risk Management in Property Assets

Learn essential risk management strategies to protect residents, staff, and assets in multifamily housing. Understand risk analysis, liability, insurance, and emergency planning. Discover effective practices to minimize risks and maintain habitability for residents.

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Comprehensive Guide to Risk Management in Property Assets

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  1. Introductions • Your name • Where you work • Your job responsibilities • How long you have been in the industry • What you hope to get from this class Course 7: Risk Management

  2. Agenda • Introduction to Risk Management • Minimizing Risks to Residents • Minimizing Risks to Staff • Handling Emergencies • Liability and Insurance Course 7: Risk Management

  3. Property Assets to Protect • People – staff, residents, visitors • Property – buildings, facilities, equipment, materials • Community Goodwill – reputation, stature in the community, appeal to prospective residents Course 7: Risk Management Chapter 1

  4. Definition of Risk Management • Risk Management is a process that involves recognizing, confronting and preparing for any potential threat to your property. Course 7: Risk Management Chapter 1

  5. Risk Analysis Process • Identify potential risks in company operations • Analyze the frequency and severity of past and potential losses • Work to eliminate or reduce the risks • Build financial protection to cover risks that cannot be eliminated • Set up policies and procedures to carry out the risk management process. Course 7: Risk Management Chapter 1

  6. Areas to Address • Minimizing Risk to Residents and Staff • Emergency Planning and Handling • Liability • Insurance Course 7: Risk Management

  7. Effective Practices • Conduct, document and maintain periodic inspections • Involve everyone in risk management • Stay current with changes in health and safety laws and regulations • Document and update safety records Course 7: Risk Management Chapter 1

  8. Effective Practices (cont’d) • Implement preventive maintenance procedures • Post and communicate safety procedures. • Establish and enforce safety programs for the entire multifamily housing community • Educate site personnel and residents on their role and responsibility • Understand how insurance and contracts transfer risk Course 7: Risk Management Chapter 1

  9. Activity # 1 Work within your group to identify a potential risk for each of the three property assets and then discuss what action can be taken to protect the asset from the identified risk. Course 7: Risk Management Chapter 1

  10. Chapter 2 Minimizing Risk to Residents Course 7: Risk Management

  11. Areas to Address • Property Hazards • Crime Deterrence • Environmental Hazards Course 7: Risk Management Chapter 2

  12. Property Hazards: Habitability • Suitable maintenance of housing properties is known as habitability. Course 7: Risk Management Chapter 2

  13. Required Housing Provisions • Protection from weather with roofs, walls and windows • Working water, heat, air conditioning, electrical, plumbing and lighting systems • Trash collection and pick-up • Clean and safe elevators, lobbies, stairwells and other common areas Course 7: Risk Management Chapter 2

  14. Required Housing Provisions (cont’d) • Elimination or warning of environmental hazards • Control of nuisances such as excess noise and overcrowding • Maintenance of all appliances and equipment supplied Course 7: Risk Management Chapter 2

  15. Steps to Ensure Habitability • Conduct, document and maintain periodic inspections • Follow a preventive maintenance program • Keep current and comply with building, housing, health and safety codes • Keep records of all requested and completed repairs, inspections and preventive maintenance Course 7: Risk Management Chapter 2

  16. Steps to Ensure Habitability (cont’d) • Encourage residents to notify management of needed repairs and make repairs quickly • Inspect repairs upon completion • Follow-up with residents to ensure the repair work was satisfactory Course 7: Risk Management Chapter 2

  17. Activity # 2 and 3 Types of Property Hazards Course 7: Risk Management Chapter 2

  18. Course 7: Risk Management

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  20. Course 7: Risk Management

  21. Course 7: Risk Management

  22. Resident Responsibilities • Notify management of any item they damage • Dispose trash properly • Keep the residence safe and in sanitary condition • Pay the cost of repair for damaged property • Notify the manager of needed major repairs and normal usage maintenance • Perform minor repairs (replace light bulbs, clean drains) Course 7: Risk Management Chapter 2

  23. Crime Deterrence • Stay informed of neighborhood crime • Respond quickly to neighborhood crime • Control building access and keys • Provide adequate lighting • Complete employee background checks Course 7: Risk Management Chapter 2

  24. Governing Agencies • Environmental Protection Agency (EPA) Occupational Safety and Health Administration (OSHA) • State and County Health and Environmental Departments Course 7: Risk Management Chapter 2

  25. Types of Environmental Hazards • Asbestos • Freon • Lead • Radon • Carbon Monoxide • Mold • Meth Labs Course 7: Risk Management Chapter 2

  26. Asbestos Asbestos is: • a mineral that is supposed to be inextinguishable when set on fire. • found in pipe wrapping, acoustical ceilings, floor tile and caulking in joint and spackling compounds Course 7: Risk Management Chapter 2

  27. Freon Freon is: • a shortened term for chlorofluorocarbon • a gas used in appliances and HVAC systems to provide cooling • known to deplete the ozone layer protecting the earth’s atmosphere Course 7: Risk Management Chapter 2

  28. Lead Lead: • can cause lead poisoning and serious disabilities • is found in paint, soils, lead pipes and lead-based solder used on copper pipes Course 7: Risk Management Chapter 2

  29. Radon Radon: • as a radioactive gas emanating from uranium-rich soil or water • can enter a building through the water supply, building material and soil beneath he building Course 7: Risk Management Chapter 2

  30. Carbon Monoxide (CO) Carbon Monoxide is: • A poisonous gas, colorless and odorless • Produced when fuels burn incompletely and/or are emitted from appliances such as gas stoves, fireplaces, kerosene space heaters, gas dryers and water heaters that are not properly ventilated Course 7: Risk Management Chapter 2

  31. Mold Mold: • comes from various moisture sources • is also known as mildew and fungi • is found almost anywhere • grows on wood, paper, carpet, foods and insulation Course 7: Risk Management Chapter 2

  32. Components of Resident Education • Ensure residents understand they are responsible for their personal safety • Provide safety information and emergency numbers in the resident handbook • Periodically update safety information • Clearly communicate that management cannot guarantee resident safety • Tell residents that management is not liable for resident property Course 7: Risk Management Chapter 2

  33. Components of Resident Education (cont’d) Stress the importance of adopting personal safety measures, including: • Never leave an apartment unlocked • Keep all windows and doors locked • Never provide a relative, neighbor or friend with a key • Get to know the neighbors and watch out for one another • Report all crime to police authorities • Complete an incident report for management Course 7: Risk Management Chapter 2

  34. Survey Results • 77% of owner firms noted security was very important to their residents • 78% of such firms have a Crime Prevention/Resident Safety Awareness Program • 80% have disaster/emergency management procedures in place • Only 36% of the firms managing these units conduct formal security assessments for their communities Course 7: Risk Management Chapter 2

  35. Recommendations • Know what’s going on • Communicate with residents • Screen and check backgrounds • Strengthen relationships with legal authorities Course 7: Risk Management Chapter 2

  36. Skill Check #1 Chapters 1 and 2 – Risk Management Course 7: Risk Management Chapters 1 and 2

  37. Chapter 3 Minimizing Risks to Staff Course 7: Risk Management

  38. Safe Working Conditions Employees can ensure safe working conditions by: • following all OSHA employer safety and health rules • reporting hazardous conditions and any job-related injury or illness • using assigned personal protective clothing and equipment Course 7: Risk Management Chapter 3

  39. OSHA Regulations Being informed of OSHA regulations and performing regular inspection will help you: • prevent a situation where you fail to meet code standards during an OSHA review • Reduce/avoid possible claims an injured employee might file against you Course 7: Risk Management Chapter 3

  40. Areas of Focus for OSHA • Hazard Communication Standard • Lockout/Tagout Standard • Bloodborne Pathogens • Personal Protective Equipment (PPE) • Electrical Safety Related Work Practice • OSHA Record Keeping Course 7: Risk Management Chapter 3

  41. Purpose of Hazard Communication Standard The Hazard Communication Standard is intended to educate employees: • of the hazardous chemicals they work with • on how to use them properly • on how to avoid potential accidents or injuries Course 7: Risk Management Chapter 3

  42. Employer Compliance Requirement • Hazard Evaluation • Labeling • Safety Data Sheets (SDS) • Information and training programs • Written Hazard Communication Plan Course 7: Risk Management Chapter 3

  43. Hazard Evaluation • Identify and disclose available scientific data concerning hazards • Identify chemicals based on statute requirements • Provide appropriate labeling Course 7: Risk Management Chapter 3

  44. Labeling • Identity of the hazardous materials • Appropriate hazard warnings • First aid instructions • Name and address of the chemical manufacturer or distributor Course 7: Risk Management Chapter 3

  45. Current Label vs. New Label Course 7: Risk Management Chapter 3

  46. Labeling (cont’d) Portable or non-original containers such as spray bottles, pump sprayers, mixing containers or metal cans: • NO label required if for immediate use • LABEL required if will not be emptied by the end of the work shift or if more than one person will use Course 7: Risk Management Chapter 3

  47. Safety Data Sheet (SDS) SDS: • is a document that describes the health and physical hazards associated with a particular chemical • Must be prepared and provided to all users • Must be written in English to conform to Hazard Communication Standard requirements Course 7: Risk Management Chapter 3

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