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Risk Management

Defines risk as the possibility of loss or injury.

Risk Management functions include the following:

• Recognizing the need and identifying the risks;


• Reacting to the need and knowing what can
be done to mitigate loss;
• Recording or tracking measures and improving
on them;
• Relaying or communicating the mitigation
plans.
Risk Management Functions:

Relay

Record
Risk to consider during events

Fire - sound the alarm when there’s fire no


matter how small the fire seems to be, call the
Fire Department, and leave the fire area or the
building as soon as possible.
Earthquake - are caused from falling materials.
Bomb Threat - are pranks, deal with such
threats cautiously.
Typhoon - more than 20 typhoons visit the
Philippines every year, and with climate change,
the weather gets more and more unpredictable.
Crisis Communication Plan
 Understand how information should flow in the
organization by preparing a directory with the names and
numbers of the staff and authorities for emergencies.

A heavy responsibility of a spokeperson:


1. publicly acknowledge the problem before others do
2. say what is being done
3. take control by leading the dissemination of timely
information regularly
4. be open to advice and assistance
5. provide updates and put it on paper and the internet
Insurance is a promise of compensation for
specific potential future losses in exchange for a fee.
An example of event insurance is a legal liability
protection for organizers of one off fireworks
display.
Install Feedback Mechanisms - make room for
improvements and adjustments.

Contracts is binding agreement which the law


can enforce. It is entered into by two or more
parties to exchange promises to do, or refrain from
doing, an act or acts.
Major parts of a simple agreement:
• Parties- an agreement usually starts with the identification of
the parties who undertake the promises, what business they are
in, and their address.
2. Background- describes the circumstances, such as an ongoing
undocumented understanding or relationship between the
parties.
3. Body of Agreement- is the working or operational part of the
document which indicates all the details of the promises including
the payment terms.
4. Integration Clause- indicates that the agreement is the only
agreement between the parties with respect to the matters
covered in the agreement.
5. Signature- the closing and signature section should mention
that “parties intend to be legally bound by the agreement”
Other causes which be important for event
organizer:

1. Choice of law
- the designates the country whose law shall
govern the interpretation of a contract lawsuits
included.

1. Force Majeure
- performing its obligations under the contract.