Risk Management Essay - 1717 Words

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as all the things you need to do to make the future sufficiently certain. (The NZ Society for Risk Management, 2001) The goal for risk management in the event industry should be to allow maximum range of activities to be enjoyed in a safe environment. The golden rule of risk management is to approach event risk assessment and risk management from the perspective of audience†¦show more content†¦We can take some of the examples of the risks factors that often occur in an event. Size of crowds and over capacity crowds could be under control if under good management. Event management team must think of the worst case will happened to the size of the crowds and what can they do to prevent over capacity crowds. There are normally a lot of people got faint and even died due to an over-crowded space in a certain concert. Why was it happened? Some of the concert organizers want to earn the money as much as they can. They dont care about the capacity of the people, for instance, the venue has capacity of 200 people. But they want to sell tickets to more than 200 people, and they have 20 security gu ards .It is still fine if the audience sitting and enjoying the music. But the thing became bad when the audience became crazy as they saw their idol singing on the stage. They jump on the chair, they push each others, and some even run towards the stage so that they can get closer with their idol. The limited security guards cant help in this situation. If they want to sell more ticket, then they should find a bigger capacity venue, such as outdoor stadium. So that there isnt lack of oxygen, which will cause the faint. And they should also hire more security guards. Thus, risk management is very important for an event, it can help to avoid tragedy happens. Risk management needsShow MoreRelatedRisks And Risks Of Risk Management3542 Words   |  15 Pagesvalue of risk management in healthcare industries today. Not only is it difficult to quantify how risk is prevented because it didn’t happen; challenging measures need to be taken to assess risk managements effectiveness and efficiency. Risk management reduces the likelihood of specific losses by formulating tactical strategies and gathering data on potential threats in the workplace. 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