Domain C: Risk Management Flashcards
Risk Assessment/Identification
Process of identifying the risks specific to the destination, meeting or business event being planned.
What are the 4 basic stages of risk management?
Preparedness, response, recovery, and mitigation
What are the 4 steps in risk management?
Risk assessment (identify risk), risk analysis (analyze risk), crisis planning (developing the risk management plan), crisis response (implementing the planned responses to the specific crisis that occurs)
What is a SWOT analysis?
Strengths, Weaknesses, Opportunities, Threats
SWOT Elements Internal to the Meeting
Strengths & Weaknesses
SWOT Elements External to the Meeting
Opportunities & Threats
What are the three categories of threats?
Natural disasters, human-caused, technological
What three choices does a MP have when facing a risk?
Accept/ignore risk, manage/mitigate risk, or avoid risk
What are three risk management or mitigation techniques?
Reduce probability of risk occurring, reduce consequences if risk occurs, transfer risk to another party (contract/insurance)
What four elements should a risk management plan have?
Chain of command, emergency and control procedures, Spokesperson (media), implementation strategies
What does commercial general liability/public liability insurance cover?
Claims involving bodily injury and property damage. Protects businesses from damage or loss that occurs on business premises. High Limit.
What does umbrella policy insurance cover?
insurance to cover gaps in coverage under the primary insurance policies. Most claims will be covered by primary insurance policy, so umbrella policies are inexpensive. Common in US.
What does Fire Liability insurance cover?
fire damage in building due to negligence.
What does Medical Liability Insurance cover?
reimbursement of medical expenses for injuries that occur at the site regardless of legal liability.
What does Independent contractor liability insurance cover?
protects you against and suit brought against you or the event sponsor as a result of negligence on the part of the independent contractor.
What does Products liability/host and alcohol liability insurance cover?
protects you (if you operate a food concession or serve food and drink at a reception or dinner) against claims such as food poisoning. Host/Alcohol insurance protects against claims resulting from serving alcoholic beverages and may be required in certain jurisdictions.
What does additional insured insurance cover?
when there is substantial lability exposure for injury to persons and/or damage to property, have your organization named as an additional insured on the lessors insurance policy.
What does Valuable papers and records insurance cover?
pays for the cost of reproducing any papers, pamphlets or records as a result of damage by fire, water, vandalism, etc.
What does On-site Office insurance cover?
computers, laptops, mobile devices, walkie-talkies and other equipment a group owns or rents for use at the event facility. Insured again loss or damage by fire, theft, explosion, water damage, vandalism, and malicious mischief. Burglary and robbery insurance is available to cover cash and checks.
What does exhibits insurance cover?
Exhibitors can insure their exhibit property through a special program that may be offered on a voluntary basis for coverage at the exhibition site as well as transit to and from.
What does Employer’s liability/workers compensation insurance cover?
covers employees that work at the event. If temp on-site staff.
What does travel insurance cover?
MP can provide travel insurance to and from event for the term of the event.
What does non-appearance insurance cover?
any losses incurred as a result of speakers or entertainers non-appearance.
What does Event Cancellation insurance cover?
protects a group against loss of revenue if the event is interrupted or cannot be held because of fire, weather, strike, or other insured hazard. Can also cover reasonable extra expenses incurred because of adverse circumstances.
