Risk Management in the Meetings Industry

Elling HamsoManaging Partner

European Event ROI Institute

Risk Classification

PEOPLE risks- Illness- Injury

PROPERTY risks- Physical property- Information- Reputation

OPERATIONAL risks- Continuity- Quality

Risk Classification

http://www.iccaworld.com/cnt/docs/COPEbrochure.pdf

Same on a graph !

http://www.alphagroup.ch

Risk Analysis

What is the probablility?

What are the consequences?

How do we manage it?

P r o b a b i l i t y

REMOTE(low)

OCCASIONAL(medium)

PROBABLE(high)

C o

n s

e q

u e

n c

e

MARGINAL(low)

CRITICAL(medium)

CATASTROPHIC(high) B A A

C B A

C C B

Risk Assessment Matrix

Exercise 1 – Risk Assessment

(A) One Day Corporate Strategy Seminar, London Conference Hotel

100 participants from USA and Europe

(B) Three Day Exhibition, Copenhagen exhibition centre,1000 exhibitors, consumer electronics, open to the public

(C) Four Days Scientific Convention, Brussels convention centre,1200 delegates from 40 countries, 300 spouses, pre- & post

tours, 4 conference hotels

RISK - PROBABILITY - CONSEQUENCE

Exercise 2 – Risk Management

Select one incident in each of categories A, B, and C in the Risk Assessment Matrix and discuss risk management strategies:

• Tolerate

• Treat

• Terminate

• Transfer

Risk Management Strategies

Tolerate (retain)

Treat (mitigate)

Terminate (eliminate)

Transfer (by contract or insurance)

4 T’s (Dorfman 1997)

Liability and Insurance

Your safety standards and company safety culture should always be better than the law!

The law requires you to do all that can be ’reasonably expected’ to prevent damage – ”due care and diligence”

Different types of insurance cover

• Cancellation

• Public Liability

• Professional Indemnity

• Employer’s Liability

• Property

• Etc.

Some useful websiteshttp://www.copeworld.com/

http://www.iccaworld.com/cnt/docs/COPEbrochure.pdf

http://www.safehotels.com/

http://www.alphagroup.ch

http://www.docleaf.com/

http://www.clarityeventinsurance.com/

http://www.coverex.co.uk

http://www.hse.gov.uk/pubns/indg163.pdf

http://www.rmmagazine.com/

http://archives1.iomosaic.com/whitepapers/risk-ranking.pdf

http://www.theirm.org/publications/documents/Risk_Management_Standard_030820.pdf

Thank you

Dr. Elling HamsoManaging Partner

European Event ROI InstitutePostboks 171

NO-4302 SandnesNorway

Phone: +47 90 12 24 18E-mail: elling@elling.no

Web: www.eventroi.com Blog: www.elling.no/blog

.