Event Risk ManagementIntroduction

As one of the most important sectionof event management, risk managementhas always been ignored by manyenterprises. This article will introducewhat role risk management plays inthe event context and demonstratesthe process of risk management and itssignificance.

Event Risk and Event Risk ManagementR i s k m a n a g e m e n t , a s o n e o fthe major aspects necessary for themanagement of an event, needs to bevalued. It can affect many key areas ofevent management, such as marketing,public relations, administration, healthand safety, security, transport andcrowd management.

Event Risk Management ProcessRisk management for events is acomprehensive and detailed processnormally. As, in the perspective ofurgency and priority, risks surroundinge v e n t s a r e c o n s t a n t l y e m e r g i n g ,growing, subsiding, changing andfluctuating. Therefore, event riskmanagement should be a dynamic andongoing activity.

Here is an expansion of eachstepsRisk Planning

T o m a x i m i z e b e n e f i t s , e v e n tmanagement requires a structure formaking decisions based on realisticassumptions and accepted methods,which incorporates best practicesand lessons learning from previousendeavors. Risk planning can specifythe activities which will occur, theresources which will be needed, howefforts will be organized and importantfactors to be considered, such ascontext, conditions and assumptions.

Risk Assessment

R i s k a s s e s s m e n t i n c l u d e s t h eidentification and analysis of eventelements and it is the essential processto reduce the impact of potential lossesand increase the probability of success.Its scope comprises the collection of alluseful and relevant data via a varietyof methods to identify and analyze asmany potential hazards or vulnerabilitiesassociated with the event as possible.

Risk Response

Risk response requires evaluationa n d s e l e c t i o n o f o p t i o n s s u i t a b l ef o r r e s p o n d i n g t o e a c h i d e n t i f i e drisk and detailed implementation.Moreover, the response plan needsto specify thresholds and triggersthat will result in the response beingimplemented. Meanwhile, individualsought to acquire authorization whileimplementing responses.

Risk Monitoring and ControlR i s k c o n t r o l i n e v e n t s c a n b eregarded as predictive and preventativemaintenance. It is not only the systematictracking of risk status and effects of riskcontrol actions but also the considerationand takes the execution of further riskhandlingactivities. Meanwhile, basedon the actual conditions, risk controlr e s p o n s e s s h o u l d b e f e a s i b l e a n defficient.Risk Documentation and CommunicationRisk communication is essentialfor event risk management. Informationtransfer and consultation can ensurei n f o r m a t i o n s h a r i n g a n d n o r m a loperation throughout the whole eventproject. Similarly, to capture valuableinformation that serves previous,current and future use in events, riskdocumentation need to be conductedthroughout the event.Importance of Event Risk

Management

Support for Events

A s m e n t i o n e d a b o v e , e v e n tmanagement relies on excellent riskmanagement to avoid, reduce andcontrol potential risks to guarantee theintended effect of the whole event. Anypossible risk might have an impact onthe success of the event. It is a practicaltool to make the event operate safely andsmoothly and achieve the event goalseffectively and efficiently.

Requirement of Event SustainabilityF u r t h e r m o r e , d u e t o e v e n tsustainability, event managementneeds to attach importance to the riskmanagement process. Events, in thenew industry standards, should beconsistent with multi-aspect interestsrather than just the event object. In theperspective of the Triple Bottom Line,which includes the social, economicand environmental aspects of activities,e v e n t m a n a g e r s h a v e e t h i c a l a n dincreasingly legal responsibilities whenthey produce events. Risk managementprocesses can help event managersavoid or decrease the adverse effects onthe public or the environment.

Creation of Opportunities and Benefitsfor Events

A p a r t f r o m t h o s e p o t e n t i a lc h a l l e n g e s , r i s k ma n a geme n t c a nsometimes offer opportunities andbenefits. Risk can be viewed as thebasis of the entrepreneur’s business.Good risk management strategies willhighlight both potential problemsa n d o p p o r t u n i t i e s . T h u s , i f r i s k scan be controlled and kept withinreasonable constraints, the event willnot only improve its attractiveness andcompetitiveness, but also enhance thevisitor experience.

Conclusion

To conclude, the risk managementprocess is significant for event managers.Through the procedures of planning,identification, analysis, response,monitoring and communication, eventmanagement can minimize risks inan event effectively and efficiently.Moreover, since risk managementis the basis of a successful event,the protection of stakeholders, therequirement of event sustainabilityand the creation of opportunities andbenefits, event management should relyon the risk management process.

( 作者单位：海航实业集团有限公司)