Risk Management: is the human activity which integrates recognition of risk, assessing the risk, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death and lawsuits). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. The objective of risk management is to reduce different risks related to a preselected domain to the level accepted by society. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. On the other hand it involves all means available for humans, or in particular, for a risk management entity (person, staff, organization). (Wikipedia)
The discipline of risk management helps identify, assess and control risks that may be present in operations, service delivery, staffing, and governance activities. It is well worth the time to integrate risk management into your operations and there are many good reasons to do so.
The threat of litigation is increasing.
The risk of client harm.
For your own safety and security.
(Non profit risk management center)
Like any other industry, the entertainment business faces risks that are unique to it alone: motion pictures are expensive to produce and distribute; sporting events are timely and can be very costly; even commercials can go far over budget when unforeseen circumstances happen. (aon.com) The majority of cases of risk managemnt for sports related events are injuries wile swimming, followed by facility-related injureies, the most common being slips and spills. (Guide to Sports Marketing) These are preventable, to a certain extent, with dillegent front line and management staff. The most important thing that managers and staff can do is document what happens and when as well has documenting meetings occouring before the event to assess possible risks and the steps that are being done to protect the participants of the event.
The 5 basic ways of dealing with risk: avoid, assume, prevent, reduce and transfer. (Public Assembly Facility Management: Principles and Practices)
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