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Risk Management

Risk Management. A Special Presentation for SGMP James M. Goldberg. What is Risk Management?. It’s more than just insurance It’s the process of selecting and implementing countermeasures to achieve an acceptable level of risk at an acceptable cost. What Risks Does a Planner Face?.

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Risk Management

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  1. Risk Management A Special Presentation for SGMP James M. Goldberg

  2. What is Risk Management? • It’s more than just insurance • It’s the process of selecting and implementing countermeasures to achieve an acceptable level of risk at an acceptable cost

  3. What Risks Does a Planner Face? • Unanticipated occurrences • Accidents/negligence • Criminal activity/terrorism • Acts of God (e.g., weather) • Other (e.g., strikes) • Statutory/regulatory • Permits/licenses • Americans with Disabilities Act • Taxes

  4. What Risks Does a Planner Face? • Self-assumed (e.g., contracts) • Attrition • Cancellation • Food and beverage minimums • Other provisions

  5. Risk Management is a Process • Risk assessment • Risk analysis • Risk planning • Risk control • Evaluation and improvement

  6. Risk Assessment • Answer these questions • What/who is exposed to loss? • What could cause a loss? • Who would suffer a loss? • What are the consequences?

  7. Risk Analysis • Prioritize possible risks • Probability of occurrence • Consequences • Quantifying uncertainty • Is there historical data? • Comparable events? • Other events in same location? • Specific characteristics of this event?

  8. Risk Planning • Draft a risk management plan • Involve all stakeholders • Budget • Identify triggers for action • Coordinate with venue • Communicate to all, including attendees

  9. Risk Planning • Risk planning produces: • Pre-defined action steps • Triggers for the action steps • How/what to monitor in order to trigger the action steps • What the contingencies are

  10. Risk Control • Implementation of the plan • Brief all personnel prior to the event • Who/where to report problems • Location of emergency facilities • Make attendees aware of what to do • Look for easily identifiable event staff • Dealing with the media • Tell the whole story quickly, but accurately • Pre-selected spokesperson

  11. Evaluation and Improvement • Post-conference debrief • Underestimated risks • Overestimated risks • Plan for improvement • Correct for next day • Correct for next event

  12. Once Identified, How is Risk Managed? • Reduce it • Don’t do dangerous things • Plan exposure carefully • Transfer it • Let the other guy handle it • Use contract provisions • Insure it • Protect financial assets (private sector)

  13. Managing Risks in Contracts • Understand the market • Yours and theirs • Plan conservatively • Do not assume steep growth curve • Understand what you are signing • Hotel “standard” does not mean non-negotiable

  14. Contract Issues • “If it walks like a duck…” • Title of document is not important • Understand government contracting rules • What you can and cannot pay for • Understand hotel profit centers

  15. Contract Issues • Attrition • Cancellation • Force majeure • Indemnification • Dispute resolution

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