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Risk and Crisis Management in The Events Industry: Mark Trevor - Managing Director, Insurex Expo-Sure
Risk and Crisis Management in The Events Industry: Mark Trevor - Managing Director, Insurex Expo-Sure
45% of Event Organisers are not insured 40% of Event Organisers have cancelled an event
Various definitions The process of identification, measurement, control, and minimisation of risks to a level commensurate with the value of the assets protected
Risk Management is Best Practice Charity and Event industry both try to share wherever possible Common goal rather than competitive advantage
When should I start to manage my risk? When the idea is first thought up!
MEASURE RESULTS
Measure & monitor performance, and continuously improve
IDENTIFY OPPORTUNITY
Mutually explore the situation with the client and form initial hypotheses of problem
Commitment
CRI PROCESS
Measurement
ANALYSE
Search for the most likely cause(s), refine and test the hypothesis
Measurement
Externally driven
Market demand
Financial Risks
Financial market risks Future Shows Ticket sales / breakeven points Asset values Credit default Liquidity, cash flow issues
Strategic Risks
Internally driven
Intellectual capital Research & development
Channels and networks Information systems Accounting / control systems Key managers H.R.
Regulatory environment
Employee injury
Hazard Risks
Operational Risks
Strategic Risk Why are we holding this event? How often are we going to hold it?
Operational Risk
How do we handle an incident at the event? What happens if the venue is not available?
Financial Risk
Crisis Management
Future events
Donor support
Summary
It is never too early Involve all interested parties / stakeholders at the infancy of the project
What can prevent the event from going ahead this year / next year? Risk Management is Best Practice
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