Risk Management

Risk management is the process of identifying and assessing potential risks involved with events and creating a deliberate plan to reduce activities and behaviors that could cause harm. Risk management should be utilized in the planning of events to ensure that the event will be safe and fun for everyone involved. All events carry some risk but through risk management, your organization can mitigate many of these risks and take precautions to protect you, your members, and your organization.

Types of Risk

Physical Risk

Physical risk includes bodily injury that occurs due to participation in an activity or event. Physical risks include food, alcohol, or dangerous environmental conditions that can cause harm, injury, or illness. An example of a physical risk is an attendee tripping during a race and breaking their leg. An example for how you might mitigate physical risk would be to remove items that could cause injury and require attendees to sign a waiver.

Emotional Risk

Emotional risk includes feelings of marginalization, discrimination, or trauma due to the content or nature of an event. Individuals may also be put at an emotional risk after an event has ended based on media coverage or reports of an event. An example of an emotional risk is a speaker discussing sensitive and triggering topics without attendees having prior knowledge of the sensitive content. An example for how you might mitigate emotional risk would be warning attendees of the potential for a discussion of sensitive topics and the potential for media coverage.

Financial Risk

Financial risk results from not ensuring the organization has sufficient funds to pay for planned events or not keeping accurate records and being transparent on how the funds are spent. An example of financial risk is if an organization plans a large event but does not make enough money from ticket sales to pay their associated expenses. An example for how you might mitigate financial risks would be tracking your budget and requesting Ad-Hoc funds in advance if you foresee the cost of an event will be more than you planned.

Reputational Risk

Reputational risk includes events that result in negative publicity for the student organization, its members, advisor(s), and/or the Law School as a whole. Reputational risk may also occur when an event or activity conflicts with the organization’s mission or values. An example of a reputational risk is not fulfilling all of your organization’s obligations for a community service project, leaving the community partner with an impression that reflects poorly on both the organization and the Law School as a whole. An example for how you might mitigate reputational risk would be by being realistic about the projects and obligations that you are committing to and ensuring that your organization fulfills its obligations when conducting risk management. 

Risk to Facilities

Risk to facilities includes damage caused to a venue or surrounding environment during the event, or dangers associated with the venue including poor upkeep, lack of space, or inclement weather. An example of a risk to facilities is serving food in a classroom and leaving spilt food on the floor. An example for how you might mitigate a risk to facilities would be making sure the space you’ve chosen is safe and appropriate for your event, creating a plan for how you will clean up the space after your event, and protecting the space with coverings. 

How to Conduct Risk Management

1. Download a copy of the Risk Management Worksheet and list all activities and parts of your event. 

2. Identify potential risks associated with each activity. Be sure to think broadly and come up with worst-case scenarios.

3. Use the matrix below to determine the level of risk associated with each activity.

4. Brainstorm methods to manage risks. Find strategies you can use to reduce the severity of risks and decrease the likelihood that something will go wrong. Make sure to think about who will be in charge of handling an emergency situation should one arise. Always call 911 if an emergency takes place.

5. Use the matrix below to re-assess the risks considering the methods you brainstormed to manage risks.

6. Determine if you have reached an acceptable level of risk by applying risk management strategies. Consider modifying or eliminating activities that have an unreasonable risk associated with them. Remember to consider how the activity relates to the mission and values of your organization.