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Roger Rickard Presentation On Event Risk Management

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Event Risk Management Presentation (Abbreviated version) for the Meetings, Incentive, Event, Tourism, Hospitality, and Destination Marketing Industries. Presented by Roger Rickard, www.rogerrickard.com, roger@rogerickard.com.

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Roger Rickard Presentation On Event Risk Management

  1. 1. Risky Business Manage risk of your meetings and events!
  2. 2. Who? <ul><li>Who needs to know about Risk? </li></ul><ul><li>The Planner </li></ul><ul><li>The Supplier </li></ul><ul><ul><li>Hotelier </li></ul></ul><ul><ul><li>CVB – Destination Marketing Org </li></ul></ul><ul><ul><li>DMC </li></ul></ul><ul><ul><li>Transportation Operator </li></ul></ul><ul><ul><li>Venue Manager </li></ul></ul><ul><ul><li>All suppliers </li></ul></ul>
  3. 3. Roger’s thoughts… <ul><li>There is no one magic formula to mange all forms of risk in the tourism and event industries. </li></ul><ul><li>Risk assessment is an much about asking the right questions as is about getting the right answers. </li></ul><ul><li>Much less expense to manage a risk prior to the event than to deal with the crisis after. </li></ul>
  4. 4. Roger’s thoughts… <ul><li>One must face and seek ways to confront crises prior to their occurrence. </li></ul><ul><li>“ Information overload” - will anyone read this information? </li></ul><ul><li>All event risk is “potential.” </li></ul><ul><li>We may assume that “risk” is a future event that we treat as if it had already happened. </li></ul>
  5. 5. Risky Business… <ul><li>What keeps you up at night? </li></ul>What can go wrong with the event!
  6. 6. Introduction of Risk <ul><li>Risk is the effect (positive or negative) of an incident. </li></ul><ul><li>It is computed from the probability of the incident materializing (become an issue) and the impact it would have. </li></ul><ul><li>Probability X Impact = Risk </li></ul>
  7. 7. Types of Risk Avoidance Reduction Transference Retention Includes not performing an activity that could carry risk. Reduces the severity or likelihood of loss occurring. Transfer to another party to accept the risk. May or may not mean insurance. Accepting the loss when it occurs. Maybe too large or cost too much.
  8. 8. Professional Event Risk Management APMC ASSESS MANAGE PLAN CONTROL
  9. 9. Event Risks MISC Health Crime Safety Environment Security Categories Risk Management
  10. 10. Risk Management <ul><li>… is a structured approach to managing uncertainty related to a threat, a sequence of human activities including: risk assessment, strategies development to manage it, and mitigation of risk using managerial resources. </li></ul>
  11. 11. Understanding Risk Management <ul><li>Event: What could happen? </li></ul><ul><li>Probability: How likely is it to happen? </li></ul><ul><li>Impact: How bad will it be if it happens? </li></ul><ul><li>Mitigation: How can you reduce the Probability (and by how much)? </li></ul><ul><li>Contingency: How can you reduce the Impact (and by how much)? </li></ul>
  12. 12. Understanding Risk Management <ul><li>Probability: How likely is it to happen? </li></ul><ul><li>X </li></ul><ul><li>Impact: How bad will it be if it happens? </li></ul><ul><li>= </li></ul><ul><li>Risk </li></ul>
  13. 13. Risk Management is… <ul><li>Probability X Impact = Risk </li></ul><ul><li>Mitigation X Contingency = Reduction </li></ul><ul><li>Risk – Reduction = Exposure </li></ul>
  14. 14. Best Practices <ul><li>Completely understand your corporate travel policy. </li></ul><ul><li>Create an emergency contact list, include; vendors, staff & attendee emergency contact information. </li></ul><ul><li>Ask all vendor/suppliers to identify any potential risk associated with the task they will supply. </li></ul>
  15. 15. Best Practices <ul><li>Understand the vendor/suppliers procedures regarding this risk. Ask about potential alternatives and identify back-up options. </li></ul><ul><li>Require all vendor/suppliers to name your company as additionally insured on their insurance policy. </li></ul><ul><li>Understand the chain of command at your hotel/resort in case of an emergency. </li></ul>
  16. 16. Best Practices <ul><li>Talk to your staff about your company’s disaster plans. Include emergency preparedness information during staff meetings. </li></ul><ul><li>Two-way communication is central before, during and after a disaster. </li></ul><ul><li>Decide in advance your on-site staff chain of command. </li></ul>
  17. 17. Best Practices <ul><li>Know what kinds of emergencies might affect your company both internally and externally. </li></ul><ul><li>Create a list of on-site inventory and equipment, including computer hardware, software and peripherals, for insurance purposes. </li></ul>
  18. 18. Risky Business… <ul><li>Every planner has to become a Risk Manager. </li></ul>
  19. 19. Contact Roger Rickard www.rogerrickard.com 916 625-0608 [email_address]

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