Over the next few
weeks, we will be discussing the concepts of risk management and look forward
to your comments and queries.
Introducing risk management
Risk management must
always be considered before the selection of suppliers, staff and
communication, as the risk profile will dictate these choices. Therefore, risk
management results differ for each event.
Any company that
thinks risk management is not important to events simply needs to recall some
of the less than successful events in the past like the National Woman’s Day
disaster or the Zoo Lake drowning. In each of these events, the event manager
or the subcontractors hired by the event manager could have been held
criminally and civilly liable for the results of the disaster that occurred.
You need to develop a
risk management plan for your specific event, as one risk management plan does
not fit all sizes. However all risk management plans have seven specific stages
that may be more or less complex depending on the event:
1. Establish context of event
2. Identify risks and risk owners
3. Analyse risks in respect of
likelihood and consequence
4. Evaluate options and treatment to
reduce or remove high risks
5. Implement and communicate risk
management plan to stakeholders
6. Monitor risk management process
7. Evaluate success or failure
This forms the basis
of the risk management manual, a living document that must be referred to
throughout the event process. However, once you have done the first Risk
Management plan, the next one becomes easier as the process becomes more
understandable.
Next week – establishing context
