RISK MANAGEMENT INTRODUCTION 3 MAIN BODY3 CONCLUSION 10 References 11 INTRODUCTION

RISK
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION..............................................................................................................................10
References......................................................................................................................................11

INTRODUCTION
In an organisation, risk management is one of the essential aspects by which risk
associated with activities and functions of business can effectively be measured and minimised.
It refers to the system and practices that are applied by company to integrate all business
activities so that associated risk can be reduced. In the company, there are different kinds of risks
which are needed to be identified by company so as it can easily decrease. The current report
provides the detailed knowledge and understanding about the key risk are involved risk
management of an FIFA world cup project. In addition to this, various potential mitigation
strategies have also been addressed in this report.
MAIN BODY
The function of risk management plays a crucial role within business enterprise by which
various kinds of business risks can be minimised and firm can be able to address its determined
objectives in an effective and efficient manner (Sutton, 2006). It is a great responsibility of
higher authority to use several effective methods and strategies to identify risk and hazard as
well as implement same in business for overcome that risk. In simple words, it can be said that
risk management refers to the process of identifying, assessing and controlling threats to an
organisation's capital and earnings.
As per the given case scenario of FIFA world cup from Brazil, a million of fans around
the world stayed glued to television broadcasting. The tournament will mostly be remembered
for the drama that played out on the pitch.
As per the case study, it has been analysed that lack of infrastructure is the major risk
associated with FIFA world cup in the Brazil. In order to organise a successful tournament and
event in the Brazil, government required sufficient infrastructure and equipment. In addition to
this, proper planning is another risk area at which government should consider in effective
manner. With the help of proper planning and scheduling, event can be organised in an effective
and efficient manner. Another risk is the time in FIFA world club in the Brazil as due to
insufficient time, accurate information during the world cup is the biggest challenge. For
organise tournament in more systematic and effective manner, it is very important for Brazil
government to focus on the several areas where risks and challenges are included.

Following are risk management strategies to overcome the risk areas associated with
FIFA World cup project:
Lack of infrastructure- This is one of the major risks found in the FIFA world cup in the
Brazil. Infrastructure is an important aspect in order to organise the event in an effective manner.
Due to lack of infrastructure, several activities can negatively get influenced (Segal, 2011). As
per the research, it has been found that in Brazil, government has not focused on the
infrastructure in the tournament. This is the major risk which can negatively affect tournament in
the Brazil. If there is no proper infrastructure, then it will affect all activities and results of the
event.
Insufficient time- In order to organise a systematic event in the successful manner, time
is one of the major sources that help to event planner in effective manner. Due to lack of
sufficient time, it is complicated to conduct all activities in an organised manner. As per the
research, it has been found that in the case scenario of FIFA club ensuring access to timely,
accurate information during the world cup in Brazil was one of the biggest challenge companies
had to overcome.
Lack of planning and preparation- This is another one of the major risks associated with
the FIFA world club 2013 by which event can negatively influenced. Event organiser should
develop a systematic planning and scheduling so that each and every activity can effectively be
organised (Rabie and Alsusa, 2015). With the help of proper planning and scheduling, event
organiser can easily identify the future needs and challenges regarding event. It also assists in
overcoming challenges which may be faced in the future.
As per the above discussion, it has been analysed that there are several kinds of risks
associated in FIFA world cup project. In order to overcome these risks, event organiser can focus
on the systematic risk management procedure which is discussed as below-
Risk reporting- In this phase, at first, revealing is finished by determined hazard. In any
case, it is the continuous procedure where particular office disperses the data identified with
hazard. For instance, risk can be identified with over creation and less monetary assets for
organisation At this stage, top management and event organizer of the FIFA world club focuses
on the reporting of risks associated with event activities and functions. In this, they are supposed
to develop a systematic report in which each and every risk is included in a systematic manner.