Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)
The goal for risk management in the event industry should be to allow maximum range of activities to be enjoyed in a safe environment. The golden rule of risk management is to "approach event risk assessment and risk management from the perspective of audience
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We can take some of the examples of the risks factors that often occur in an event. Size of crowds and over capacity crowds could be under control if under good management. Event management team must think of the worst case will happened to the size of the crowds and what can they do to prevent over capacity crowds. There are normally a lot of people got faint and even died due to an over-crowded space in a certain concert. Why was it happened? Some of the concert organizers want to earn the money as much as they can. They don't care about the capacity of the people, for instance, the venue has capacity of 200 people. But they want to sell tickets to more than 200 people, and they have 20 security guards .It is still fine if the audience sitting and enjoying the music. But the thing became bad when the audience became crazy as they saw their idol singing on the stage. They jump on the chair, they push each others, and some even run towards the stage so that they can get closer with their idol. The limited security guards can't help in this situation. If they want to sell more ticket, then they should find a bigger capacity venue, such as outdoor stadium. So that there isn't lack of oxygen, which will cause the faint. And they should also hire more security guards. Thus, risk management is very important for an event, it can help to avoid tragedy happens.
Risk management needs
You make a valid point; event planners are better equipped to deal with the constant changes required for risk management planning. “The risk management plan should detail your strategy for dealing with risks specific to your business” (Identify risks to your business, 2014, para.2). Therefore, putting together a solid risk management plan will take careful planning and foresight. However, foresight will not stop the risks from changing over time, so it is important to have a risk plan that can be adapted to fit the constant changes that can happen. Additionally, the ability to think about the about the worst case scenario will assist the event planner, and stop them from having to make too many changes to the risk management
Managing risks - ensuring that the business will gain benefits, more so that being affected by costs. This can involve developing control procedures that management and staff can follow to ensure practices are being completed appropriately and are going towards the organisation’s goals. Control procedures can include:
London 2012 Olympics is a megaproject that need to be complete within £7.2 billion against an immovable date. Therefore, control of risks and release of contingency are vital to this project. This essay explains the key parts of the risk framework used for the London Olympics and the methods that they used to manage and control the risks.
A risk is an event or condition that, if it occurs, could have a positive or negative effect on a project’s objectives. Risk Management is the process of identifying, assessing, responding to, monitoring, and reporting risks. This Risk Management Plan defines how risks associated with the Charming Café project will be identified, analyzed, and managed. It outlines how risk management activities will be performed, recorded, and monitored throughout the lifecycle of the project. It details how risk are prioritized. The Risk Management Plan is created by the project manager in the planning phase and is monitored and updated throughout the project.
The success of an organisation’s risks management can be determined by how well the organisation is able to distinguish risks, as there can be risks that cannot be foreseen and others which can be avoided through planning. Looking at what happened during the Atlanta 1996 Olympics when operational and logistic problems cause journalist to start reporting on “the glitch games”, it can be said that some risks are originated by poor decision making and misjudgements in planning assumptions (Jennings, 2012). In the past Olympic organisers mainly focused on reaction to a risk and ways to recover from it by developing safety plans, now organisers consider risks mitigation as a crucial aspect for the Olympic Games. This is the case for the London 2102 Olympics where military rehearsals were staged on the River
vital because the safety of everyone can be compromised if the event planners are not prepared to
The analysing of risks and implementation of risk controls to minimise and prevent risks from occurring to the business.
Athletic programs and their directors are not immune to legal liability due to an injury or harm to a participant and spectators. The goal of a risk management plan for an athletic program is mitigate the risk of injury or harm and develop a proactive plan of action to increase the level of safety for all (Wolohan, 2013). Therefore, having a risk management plan in place minimizes the legal liability and turns the focus to safety rather than the averting responsibility (Wolohan, 2013). In addition to safety, a properly formed risk management program reduces the financial and physical risks that may occur while an athletic event is taking place (Wolohan, 2013). Conducting a risk assessment is one of the
Risk management is the managerial process of plummeting unreasonable and unplanned losses that ultimately affect an organization. To many it is also referred to as a loss exposure handling mode of management. In many organizations especially health facilities such as Johns Hopkins Hospital, losses mainly attributes to a financial crisis and require proper risk management methodologies. There are a lot of risks pertained to many day to day activities, ranging from surgeries to the actions of the health workforce and the subordinate staff. Hence, it is vital to address the risks through necessitated functions and tasks resulting to risk management.
When the term “Risk management” is mentioned, those that are not familiar with it may not be fully aware of the seriousness of it. It is defined as “the identification, analysis, assessment, control, avoidance, minimization, or elimination of unacceptable risks (Risk Management 2015).” There are a variety of methods that an organization may use in order to properly manage future events, such as risk retention, risk assumption, risk avoidance, and risk transfer as well as many other strategies. Risk management helps to identify, monitor and treat the risks that arise within healthcare.
Sport risk management is an importance thing to focus in organization especially sport organizations to practice in organization. Risk management comes early years 1970 (Aman, 2006) and nowadays risk management practices is increases and take serious in risk management practices. Sekendiz, Laroche and Corbelt (2011), sport today changes from recreation to professional activities including sport industry, athletes and professional coach or officer. Everyone participate in sport industry including athletes, coaches, managers, sport officers, organizer and all manufactures sport equipment exposes to risk. Sport risk management still low at Malaysia difference UK. Sport risk management comes from combination risk management scope and sport. Risk management and sport a difference scope because risk management is a part of process risk management for organization and for sport is an activity in manage heath. An effect from combination both is more effectives and efficiency in management of sport organization. Performance athletes maybe can evaluate and identity from sport risk management because organization may identify process to minimize
This outside firm would manage all computers and servers. Included with the service would be software updates of installed software, installation of malware and antivirus protection and fine tuning of said software, and increasing the security of the network.
The concept of risk management is a broad term that is designed as a way to quantitatively assess risks within an organization, and set priority and likelihood of those risks.. The purpose of risk management is to be proactive in improving places or processes within an organization that may have risks that can be mitigated or controlled and
develop a methodology for quantifying risks, or should each situation be addressed individually? Can we have both a quantitative and qualitative risk evaluation system in place at the same time?
Risk management is a systematic and analytical process that considers the potential of a threat that could endanger an asset, individual, or function. The principles of risk management use an approach that includes three elements; threat assessment, vulnerability assessment, and