Risk Management

Question 1

What is Risk Management?

Answer 1

A process designed to safeguard the various elements of a meeting by minimizing the severity of harmful events that may occur. Examples of Protected items include: People, Information, Property, Financial, Investment, Organization/Image, and Professional Reputation

Question 2

What are the Four Basic Stages of Risk management?

Answer 2

Preparedness, Response, Recovery, Mitigation

Question 3

What is Risk Assessment/Identification?

Answer 3

The process of identifying risks specific to destination, meeting, or business event being planned.

Question 4

Four Steps in Risk Management Process?

Answer 4

Risk Management (identify risk), Risk Analysis (analyze risk), Crisis Planning (developing the risk management plan), and Crisis Response (implementing, when needed, the planned responses to the specific crisis that occurs)

Question 5

What is SWOT analysis?

Answer 5

Strength, Weaknesses, Opportunities and Threats. Strengths and Weaknesses are internal while Opportunities and Threats are external. Used in Risk Assesment

Question 6

National Fire Protection Association (NFPA) and the Standard on Disaster/Emergency Management and Business Continuity suggest threats in which three categories?

Answer 6

Natural Disasters, Human-caused, and Technological

Question 7

What is Due Diligence?

Answer 7

Whether the Event Professional did their best in planning the meeting

Question 8

What is the Reasonable Prudent Person Standard?

Answer 8

Did the Event Professional do what a reasonably prudent event professional with similar experience and training would do under the same circumstances?

Question 9

What is Negligence?

Answer 9

The Failure to use Due Care

Question 10

What is exposed to Damage, Loss or Liability?

Answer 10

Property, persons, cash, reputation, and environment

Question 11

When might damage, loss or liability occur?

Answer 11

Before, during, or after the meeting?

Question 12

What are the possible threat response choices?

Answer 12

Accept/Ignore the risk, Manage/Mitigate the risk, Transfer the risk to someone else, or avoid the risk

Question 13

Most of a meeting professional’s time is spent on?

Answer 13

Managing or Mitigating risk.

Question 14

How would you reduce consequence if risk occurs?

Answer 14

Contracts, Provide Security, use waivers or liability, have medical or safety personnel onsite, and/or use third party suppliers for risk activities

Question 15

What are the two main things to focus on and how many steps?

Answer 15

Getting people out of harms way and contacting the proper emergency responder in nor more than 10 steps

Question 16

What is a contingency plan?

Answer 16

A plan for anything that would post pone, cancel, relocate, or significantly modify a meeting or event due to an emergency, crisis, or disaster.

Question 17

What are the 6 types of security?

Answer 17

Contracted, Law Enforcement, Peer, Personal, Proprietary, and Volunteer. Determine security needs based on: type of meeting, hours of operation, destination, venue, activities, participants, insurance requirements, etc.)