Risk Management Basics
World of Risk (Internally and Externally Driven) Everyone Manages Risk
Loss of Funding
Changes in Student Needs
Risk Assessment Basics and Processes.
- Create a Summary List of Event Activities to run through the RM Analysis Process. Also include what are the benefits of having this event.
- Identify and Analyze exposures to Loss
- List what are potential risks for this event – what could go wrong.
- Examine risk management tools to handle exposure
- List what can be done to mitigate the risk and still hold event.
- Select the appropriaterisk mitigation tool: accept all risk, limit the acceptance, transfer to other, avoid it
- Accept all risk for the event
- Accept some of the risk for the event. (Identify those activities and risks accepted and those are not acceptable)
- Transfer the risk to other risk mitigation tool via indemnification language in contract/agreement, releases or waivers, certificates of insurance with additional insured restriction, etc.
- Avoid the risk by not doing that activity or event
- Implement the chosen risk mitigation tool
- Choose and Communicate the chosen risk mitigation tool and what measures to take to ensure implementation of the risk mitigation strategy, e.g., manuscript specific indemnification contract language, require participant sign release/waiver, require certificates of insurance with additional insured designation.
- Monitor risk mitigation strategy and outcomes
- Monitor Results--were there risks not identified that need addtional mitigation for next time this event/activity is held.
- Create a risk mitigation outcomes list to include the newly identified risks and any proposed improvements
Check List Risk Assessment Process: Identify, Analyze(assess), Select, Implement and Monitor. (downloadable )
Event Risk Management Analysis Questionnaire with Contact Resources (if you are planning an event to be held on campus and not sure how to start--start by working through this questionnaire.)
Contract Basics: Many events require contracts; here is a resource.