Risk Management¶
We define risks as situations that can negatively impact an event. In this guide, we refer to risk management as the process of identifying potential issues, assessing their likelihood and impact, and then preparing a mitigation plan to manage them during an event.
Risk management is an ongoing activity throughout the organisation of an event. Potential issues, their likelihood and impact, and their mitigation plans will change as the planning of the event moves forward.
Note - What we describe here is a tailored approach to risk management. In risk assessment theory, risk proximity is also a factor (that is, how close you are in time to a potential issue). We have not included this as the Event Organisation Guide is focused on experiential knowledge and we have not used that approach in our events at the time of writing. However, if you wish to include risk proximity, then you’d have a three-dimensional risk assessment matrix. The approach included here is an example, and the Event Lead should tailor it according to a specific event. Bear in mind that the more complex, expensive and novel an event is, the more effort needs to be devoted to risk management. You can read more about risk management at the Prince2 Wiki.