EVT207A Event Venue Management: Risk Management Controls and Action Plan

This article discusses risk management controls and action plan for event venue management in EVT207A course. It covers residual risks and strategies to mitigate them. The article also explains the importance of good research and monitoring for effective risk management.

EVT207A Event Venue Management

TABLE OF CONTENTS
MAIN BODY...................................................................................................................................3

MAIN BODY
1. Risk management controls template -how to make safer (avoid, accept, monitor, prepare, mitigate,transfer)
Complete only six categories from the below eight.
Event name: Venue : Luna Park
Date: Pax: Risk management Controls for Event
Category
Risk or Hazard
What is it, descriptive Likelihood
Rating
Consequence
Rating
Equals
what level
of risk
Existing controls to
minimize risk or
hazard
Updated
Level of
Consequence,
Likelihood
and Risk
Who responsible to
monitor or manage
Financial This is the risk which
occurs when the finance
for managing operations of
Luna Park are not proper.
Also, this risk may also
occur in case when the
finance of the park is not
being managed in proper
and effective manner.
Likely Major Extreme The existing control
involves monitor and
prepare for the risk.
To have proper list
of all the activities
with total of finance
which is required.
This is necessary
because of the reason
that when there will
be proper list of all
the activities with the
finance required then
it will provide better
Possible,
moderate, high
The finance
department and
manager will be
responsible

application of funds.
Operational The operational risk is the
one which involves some
issues in the operational
activity of park. For
instance, there is large
crowd in park and there
are no security people
present to provide way to
people and reduce crowd.
Likely Moderate High Mitigation is the risk
management
technique used. The
control to minimize
the risk involves
placing two security
people at every point
so that in case one is
not present then
other one is there.
Unlikely,
minor, low
The operational
manager and
management team
Physical This involves the risk that
some elements are not
present at the right place.
For example, the fire
extinguishers are not
placed at right position.
Possible Moderate High Acceptance will be
used as this will
result in risk
management in
proper manner. The
mitigating action for
this risk is to ensure
that all the physical
products like fire
extinguishers,
emergency kit and
other things are
placed at right
position.
Unlikely,
minor, low
The operational
department will only
be responsible for
this.

Environmental This is the risk which
involves changes taking
place in the external
environment and these are
not in hand of park and its
management.
Possible Major Extreme The mitigating
action which can be
taken involves
setting up a
contingency plan or
mitigation action
relating all the
possible
environmental
change which can
take place.
Likely,
moderate, high
The research and
development
department will be
responsible because
they undertake the
study of
environmental
changes and their
impact on working.
Contractual This is the risk which
involves some of the
issues in the contract
which is being signed by
Luna park.
Likely Minor High The mitigating
strategy will involve
listing the terms and
condition in very
simple manner such
that the everything is
clear and
understandable. This
might involve
transference of the
risk
Unlikely,
minor, low
The management
team of Luna park
will be responsible.
Residual These are the risk which
are not in control of
company for instance, the
Likely Major Extreme This risk can be
mitigated with help
of strategy of
Possible,
moderate, high
This will be
controlled by the
research and

inflation within the
environment cannot be
managed or controlled
Luna park.
acceptance that is
accepting the
changes taking place
within the external
environment.
development
department.

2. Risk Action Plan, often used in conjunction with the control plan -delivering deeper management
Response strategy: Acceptance
Risk: Residual risk
Summary: This is the risk which involves changes taking place in the external environment so
that it can be managed in proper manner.
1. Proposed Actions The proposed action involves the setting of a good research plan and team and
continuously research in external environment such that all the changes are listed.
2. Resources/ Requirements The resource required is good system and proper internet connectivity
3.Who responsible The employees of R & D department are responsible
4. Timings Once in every week the research will be taken place and all the details will be listed
and shared with management team. This is necessary in order to discuss that whether
the changes in external environment are of importance for Luna park to consider or
not.
5.Reporting Monitoring The head of research and development and the whole management team will be
responsible for the monitoring.
Any additional information

3. Residual Risk, this is the risk that we take into consideration but can never totally control.
Residual risk -Choose only one residual risk e.g., Inclement weather
Details of Risk The residual risk here is the changes in the inflation rate. This is a residual risk because, the inflation is not in
control of the Luna park but this will be impacting the working of the park. The reason pertaining to the fact is
that when the material and other things will be purchased by Luna park then this will be on high prices as there
is inflation within the economy.
Risk Identification-give
ratings
This risk can only be identified with help of good market research. This is particularly because of the reason that
when the inflation will be increased then there will be many different changes in market and this can be
evaluated with good research.
Monitor and prepare For the effective monitoring and preparing of this risk there is requirement of good team who will be
continuously monitoring the changes within the external environment and communicate with management team
so that these changes can be adapted fast.
Strategies The strategy for mitigating the residual risk is to always have a contingency plan so that in case of any
emergency it can be managed and maintained in proper manner. This is necessary because of the reason that
when the proper contingency plan will be there then the working will be smooth and good.