Condo Media - June 2018 - 36

SELF-MANAGED CHALLENGES

M

Managing risk is a challenge for all associations,
but it is especially difficult for self-managed
communities because there is no professional
property manager directly overseeing the activities
of vendors and the conditions at the property. The
board of trustees retains the responsibility for
protecting the safety of unit owners and residents
when they choose to self-manage. Even if the board
employs a site manager or superintendent for the
community, the burden of managing risks remains
with the trustees.
STRATEGY TO REDUCE
EXPOSURE AND LIMIT LOSSES
To protect the residents of the community from
injuries and to manage the association risk from
damage suits and insurance claims, the board needs
to take the time to determine a strategy to reduce
exposure to risks and to limit losses. The key steps
in this process are as follows.

» IDENTIFY RISKS

■ Measure frequency
■ Evaluate financial effect

» AVOID RISK-
STOP LOSS-CAUSING ACTIVITIES
» CONTROL RISK

■ Use safety programs
■ Implement loss reduction plans
■ Emergency preparedness

» RETAIN RISK AND SELF-INSURE
» TRANSFER RISK TO THIRD PARTIES
» MONITOR RESULTS OF
RISK MANAGEMENT STRATEGIES
IDENTIFYING AND MEASURING RISK
To properly manage risks, the self-managed board
must know what the risks are. It is necessary to take
the time to walk the property and take note of both
the physical structure and operating equipment of
the association.
■ Check for trip hazards due to deteriorating pavement on sidewalks, parking lots, and roadways.
Inspect to make sure that interior hall tiles are not
damaged and breaking up and that stair treads are
not detached or missing. Make sure the common
hallway carpet is secured and handrails are in
place as required by the building code. Make a list

36

CONDOMEDIA



Table of Contents for the Digital Edition of Condo Media - June 2018

Contents
Condo Media - June 2018 - Cover1
Condo Media - June 2018 - Cover2
Condo Media - June 2018 - Contents
Condo Media - June 2018 - 2
Condo Media - June 2018 - 3
Condo Media - June 2018 - 4
Condo Media - June 2018 - 5
Condo Media - June 2018 - 6
Condo Media - June 2018 - 7
Condo Media - June 2018 - 8
Condo Media - June 2018 - 9
Condo Media - June 2018 - 10
Condo Media - June 2018 - 11
Condo Media - June 2018 - 12
Condo Media - June 2018 - 13
Condo Media - June 2018 - 14
Condo Media - June 2018 - 15
Condo Media - June 2018 - 16
Condo Media - June 2018 - 17
Condo Media - June 2018 - 18
Condo Media - June 2018 - 19
Condo Media - June 2018 - 20
Condo Media - June 2018 - 21
Condo Media - June 2018 - 22
Condo Media - June 2018 - 23
Condo Media - June 2018 - 24
Condo Media - June 2018 - 25
Condo Media - June 2018 - 26
Condo Media - June 2018 - 27
Condo Media - June 2018 - 28
Condo Media - June 2018 - 29
Condo Media - June 2018 - 30
Condo Media - June 2018 - 31
Condo Media - June 2018 - 32
Condo Media - June 2018 - 33
Condo Media - June 2018 - 34
Condo Media - June 2018 - 35
Condo Media - June 2018 - 36
Condo Media - June 2018 - 37
Condo Media - June 2018 - 38
Condo Media - June 2018 - 39
Condo Media - June 2018 - 40
Condo Media - June 2018 - 41
Condo Media - June 2018 - 42
Condo Media - June 2018 - 43
Condo Media - June 2018 - 44
Condo Media - June 2018 - 45
Condo Media - June 2018 - 46
Condo Media - June 2018 - 47
Condo Media - June 2018 - 48
Condo Media - June 2018 - 49
Condo Media - June 2018 - 50
Condo Media - June 2018 - 51
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Condo Media - June 2018 - 53
Condo Media - June 2018 - 54
Condo Media - June 2018 - 55
Condo Media - June 2018 - 56
Condo Media - June 2018 - 57
Condo Media - June 2018 - 58
Condo Media - June 2018 - 59
Condo Media - June 2018 - 60
Condo Media - June 2018 - 61
Condo Media - June 2018 - 62
Condo Media - June 2018 - 63
Condo Media - June 2018 - 64
Condo Media - June 2018 - Cover3
Condo Media - June 2018 - Cover4
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