What are the risks associated with events?
From corporate sales conferences to holiday parties, from educational seminars to fundraising activities, most events require extensive planning to effectively manage risk. Show Organizing events can lead to a number of uncertainties — and uncertainties can quickly result in harm to people, property, and reputation. According to The Insurance Bureau of Canada (Bureau), the risks associated with special events can include:1
Not-for-profit organizations rely heavily on special events for fundraising. As such, it is important to note that the event organizers are responsible for the safety of event attendees — and that short-term liability coverage exists to protect organizers — even when the event is a small one. It should also be noted that extra precaution should be taken:2
Event organizers should focus on developing a customized event risk solution, as appropriate planning will demonstrate accountability and due diligence when hosting an event. The approach should be comprehensive and flexible, a scalable framework that can be applied to a variety of events and activities. The event risk management processAs part of any successful event planning process, hazards should be identified and risks assessed and controlled to minimize the potential for injury or harm to persons or property. Key components to a formalized event risk management framework include:
An effective event risk management process can yield significant benefits, such as:
General tipsIf the event is to be held outdoors, consider extreme weather. For example, prolonged exposure to heat can lead to heat stroke, dehydration, and in extreme cases fatality. It is important to have a contingency plan, however it is also imperative to also assess the risks of the new location. If serving food, be sure the take the appropriate steps to mitigate injury or liability. Risks may include: allergic reactions, food poisoning, injury from burns. Risk may also exist from food borne pathogens and improper food handling.
Other risk control strategiesChecklists — A checklist can serve as an assessment aid in making key decisions in hosting an event. This will help the organization adequately prepare and understand associated risks and make informed risk management and event decisions. Waivers and/or Informed Consent — A well-developed waiver can help an organization defend against legal action and liability. The waivers should be in compliance with the organization’s legal requirements and include the input of in-house legal counsel. Event Risk Committee — A committee can assist with the identification of risks and develop a streamlined approach to event management and safety in compliance with bylaws, rules, and regulations. This committee can also ensure that these events are consistent and align with the organization’s values and objectives. MRC ServicesWith a comprehensive list of services and industry experts, Marsh Risk Consulting (MRC) can help clients manage their (event) risk exposures through the use of best practice guidelines and framework development. Our collaborative approach leverages a combination of knowledge, internal processes and infrastructure already in place. This may include, but is not limited to:
Our approach enables you to consistently and objectively identify event-specific risk issues, evaluate risk management alternatives and effectively plan events with minimal uncertainty. Our innovative solutions, integrated services, and strategic thinking mean that we understand there is no “one size fits all” solution. 1,2 Insurance Bureau of Canada. “Special Events”; available at http://www.ibc.ca/en/business_insurance/risk_management/special_events.asp, accessed February 4 2013. What are the risks of an event?There are four significant classifications of event risk based on the risk: Opportunity Risk, Risk of Uncertainty, Risk of Hazards, and Operational Risk. Such risks arise due to internal system breakdown, technical issues, external factors, managerial problems, human errors or information gap.
What are the major five problems of an event?Major Challenges Faced in Planning an Event and Their Solutions. Challenge: Over Spending. ... . Challenge: Thinking that You Have a Lot of Time. ... . Challenge: Losing Attention of Guests. ... . Challenge: Bad Weather. ... . Challenge: Too Many Guests. ... . Challenge: Not Paying Attention to Little Things. ... . Challenge: Attracting Guests During Winter.. What are 5 examples of risk?Examples of Potential Risks to Subjects. Physical risks. Physical risks include physical discomfort, pain, injury, illness or disease brought about by the methods and procedures of the research. ... . Psychological risks. ... . Social/Economic risks. ... . Loss of Confidentiality. ... . Legal risks.. What are the 3 types of risks?Types of Risks
Widely, risks can be classified into three types: Business Risk, Non-Business Risk, and Financial Risk.
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