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Top Ten Tips of Risk Management in the Exhibition Industry

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Mark Blair Sales and Marketing Manager. Topics to be covered. Introduction to Insurex ... Dovetail in with DRP of the venue. Protect the 'Brand' of the event ... – PowerPoint PPT presentation

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Title: Top Ten Tips of Risk Management in the Exhibition Industry


1
Top Ten Tips of Risk Management in the Exhibition
Industry
  • UFI Open Summer Seminar - Helsinki
  • 27th June 2006
  • Mark Blair Sales and Marketing Manager

2
Topics to be covered
  • Introduction to Insurex
  • UK Industry Survey
  • What is Risk Management?
  • Top Ten Tips
  • Crisis Management
  • Summary
  • Q As

3
Insurex Expo-Sure
  • We are in the exhibition / events industry
  • What do I know?
  • 15 years in the insurance industry
  • Last 6 years working with International
    Organisations, Public Sector, Central Government,
    United Nations agencies, major corporations,
    charities and a very large air show
  • Facilitator not a Practitioner
  • How can we help you make your events more
    successful?

4
UK Industry Survey
  • 41 of Organisers have cancelled an event
  • 67 of the cancelled events were not insured
  • 48 of organisers are not insured
  • 51 of organisers buy insurance to protect
    reputation
  • Key concerns
  • A key attendee or spokesperson cancelling
  • Damage to the venue
  • Weather disrupting your event
  • Transport problems disrupting your event
  • Being sued by someone injured at event

5
What is Risk Management?
  • Various definitions
  • The process of identification, measurement,
    control, and minimisation of risks to a level
    commensurate with the value of the assets
    protected
  • Main types of hazard
  • Physical fire at venue or terrorist attack
  • Moral poor working practices or inadequate
    training given to staff risk is increased for
    temporary / casual labour
  • Risk Management is Best Practice
  • Event industry try to share wherever possible
  • Common goal rather than competitive advantage

6
What is Risk Management?
  • When should I start to manage my risk?
  • When the idea is first thought up!
  • What is the objective for holding the event?
  • What could prevent you from hitting these
    objectives?
  • Create a risk register
  • Think about prioritising these risks
  • Frequency versus Severity
  • Risk Profiling
  • Three choices Accept, Reduce or Transfer

7
The 4 Quadrants of Risk
  • Strategic Risk
  • Why are we holding this event?
  • Who is responsible for what element of cover /
    protection?
  • Operational Risk
  • How do we handle an incident at the event?
  • What happens if the venue is not available?
  • Financial Risk
  • How many attendees do we need to have to make a
    profit?
  • Hazard Risk
  • Fire / terrorist incident

8
The Risk Radar Illustrative Risk DriversIn
order to effectively assess and manage risk,
organisations must learn to look at risk as a
whole, and then mitigate and/or finance
internally and externally driven risks.
Externally driven
Market demand
Strategic Risks
Financial Risks
Financial market risks
Future Shows
Ticket sales / breakeven points
Customer/ industry changes
Internally driven
Asset values
Intellectual capital
Alliances
Research development
Credit default
Liquidity, cash flow issues
Channels and networks
Information systems
Food Poisoning
H.R.
Accounting / control systems
Public liability
Regulatory environment
Key managers
Property damage
Employee injury
Supply chain
Brand / reputation
Operational Risks
Hazard Risks
Natural disasters
Business continuation / Disaster Recovery Plans
9
Top Ten Tips
  • Talk to each other agree each partys action
    points
  • Consider the Strategic Objectives
  • Why is the event being held?
  • What could happen to prevent this being held in
    future years?
  • Make a list of the 10 issues that could affect
    the success of the exhibition
  • Frequency versus Severity
  • Prioritise the list
  • Can any of the Top 10 risks be transferred?

10
Top Ten Tips
  • Agree a Risk Management strategy
  • Outside consultants needed?
  • Crisis Management Plan needed?
  • Dovetail in with DRP of the venue
  • Protect the Brand of the event
  • Media communication Plan is essential yet often
    forgotten

11
Top Ten Tips
  • Test the plan
  • Desk top walk through at the least
  • Risk Assessments
  • Make special provision for casual or voluntary
    staff
  • Documentation is essential
  • If it is not written down it did not happen!

12
Relationship between Risk Management and Insurance
  • You can only look to transfer your risks when you
    understand what they are
  • Rating guide offers Underwriter facility to offer
    terms between agreed scales
  • Why should I reduce my rates?
  • Crisis Management Plans
  • Structured Training for temporary staff
  • Health Safety Assessments
  • Increased Security
  • Majority of events are not insured
  • Lack of understanding?
  • Informed decision?

13
Crisis Management
  • Disaster Recovery Plan is essential
  • Ensure that this is tested
  • K.I.S.S.
  • First 2 hours / next 4 hours / next 12 hours
  • Chain of command and communication
  • Phone numbers up to date?
  • Where is the plan kept?
  • Media communication essential
  • Brand / reputation risk
  • Expect the unexpected

14
Concerns from Industry Survey
  • Key concerns
  • A key attendee or spokesperson cancelling
  • Contingency planning - Insurable
  • Damage to the venue
  • Contingency Planning - Insurable
  • Weather disrupting your event
  • Insurable under Cancellation and Abandonment
  • Transport problems disrupting your event
  • Insurable under Cancellation and Abandonment
  • Being sued by someone injured at event
  • Insurable under Public Liability section

15
Summary
  • It is never too early
  • Involve all interested parties / stakeholders at
    the infancy of the project
  • What are my key risks?
  • Can they be insured?
  • What can prevent the event from going ahead this
    year / next year?
  • Risk Management is Best Practice
  • Share it
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