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Risk Management for Events

Risk Management for Events. By: Ellie Cutler, Devin Happe , Jacquelyn Luedtke Brooke Prouty , Jessica Stevens. What is the trend?. “The identification, assessment, and prioritization of risks ”

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Risk Management for Events

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  1. Risk Management for Events By: Ellie Cutler, Devin Happe, Jacquelyn LuedtkeBrooke Prouty, Jessica Stevens

  2. What is the trend? • “The identification, assessment, and prioritization of risks” • “The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact”

  3. Why is it important?

  4. Trend • Planning for the unexpected • Plans, Preparation, Results, Evaluation

  5. Quote “Companies don’t plan to fail, they fail to plan…”

  6. How it’s used! • There are 5 steps that must be taken when dealing with risk management.

  7. Usage Step 1: Identify those elements or activities which could carry a risk.Step 2: Identify the risks associated with each element or activity.

  8. Usage • Step 3: Determine the possibility of occurrence of the risk and the severity of the consequences if the risk does happen.

  9. Usage • Step 4: Risk Prioritization

  10. Usage • Step 5: Formulate, prepare & implement strategies to manage risks • Risk Avoidance • Risk Retention • Risk Transfer • Risk Reduction Monitor Risks Periodically

  11. Special Considerations • Consider all types of risks that could happen… • What could harm event goers or event staff? • What legal obligations could happen due to risks that occur?

  12. Consideration • How will the risks limit your event? • Cause you to hire more staff • Make some wants unable to have • Such as off-site parking, multiple stage levels, floor access at a concert, etc.

  13. Consideration • Do your research… • Contact other venues who have had similar events • What problems have they had? • How did they troubleshoot the issues? • What do they wish they would have done?

  14. Consideration • How will the risks and limitations you have considered affect your venue and the event wanting to be held? • Will you spend more money on structural changes than the event will make? • Will you lose customers due to not being able to put on the event as intended? • Will you gain customers from quick thinking and innovative ideas to make the event work?

  15. Consideration • Weigh the pros vs. cons • Talk with others • Have you considered all risks, possibilities, and limitations • Consider how this will affect your workers as well as the guests • Is holding the event a smart thing for all involved?

  16. Applications • Planning an outdoor wedding • Calculate the risk of unfortunate weather and determine the severity of the risk • Will there be serious consequences in the chance of bad weather? • Are you going to have a back up indoor location? • Monitor the weather and continue to update your plan for the day of the event

  17. Applications • Planning a heavy metal rock concert • Calculate the risk of the crowd getting out of control and determine the severity of the risk • Could there be serious consequences in the chance that someone gets injured? • Are you going to have highly trained security and medical staff on site at the event at all times? Are you going to allow the consumption of alcohol during your event? • Monitor the crowd during the concert to make sure the situation is under control

  18. Applications • Planning activities for children at camp • Calculate the risk of an injury and determine its severity • Could there be serious consequences if a child was injured? • Are you going to have 24/7 medical staff at your camp? • Monitor children during activities and make sure they are being safe

  19. Recap • What is risk management? • “The identification, assessment, and prioritization of risks” • Why is it important? • To protect success • Five Steps.. • Identify Elements • Identify Risks • Determining the possibility • Risk Prioritization • Monitor Risks

  20. Recap • Special Obligations • Legal work • What could be harmful • Cover your tails • Workers • Do you research • Pros vs. Cons

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