1. STAGES OF RISK MANAGEMENT
1.1. 1 - PREPAREDNESS
1.1.1. The event professional would have assessed and analyzed the possible risks during the planning stage
1.1.1.1. Conducting a risk assessment and analysis will help to determine which mitigation measures should be implemented
1.1.1.1.1. CONTRACT
1.1.1.1.2. INSURANCE
1.1.1.1.3. SECURITY
1.2. 2- MITIGATION
1.2.1. The event professional would try to determine what he/she could do to DECRASE the probability of a potential risk to occur and DECRESE the consequences if it does occur
1.2.1.1. Creating and implementing contingency plans
1.3. 3 - RESPONSE
1.3.1. Depends on the nature of the realized risk
1.3.1.1. When to respond and how?
1.3.1.1.1. Not everything is in the control of the planner.
1.3.1.1.2. Planner needs to have risk team ready to respond after incidents.
1.3.1.1.3. The response must fit the realized risk
1.4. 4 - RECOVERY
1.4.1. Main goal – organization can survive financially and through public relations
1.4.1.1. A risk that results in loss or harm can cause demage to property, people, or to intangible aspects (professional's reputation)
1.4.1.1.1. INSURANCE