The Site International Foundation has released its latest White Paper, “Risk Assessment/Management for Incentive Events,” third in the “Incentives Move Business” series, to provide a process for incentive practitioners to use to develop a plan to manage or mitigate risk.
Site International Foundation Incentive planners face a wide array of potential risks in incentive travel and motivational events. These risks may include weather or natural disasters, government or labor unrest, transportation disruption, medical emergencies, acts of terrorism or violence, among others. When motivational events are impacted by these challenges, the effects can vary greatly and the frequent reaction is to resort to legal action. As a result, mitigating risk is a vital consideration that should be addressed early in the program planning stage.
The Site International Foundation has released its latest White Paper, “Risk Assessment/ Management for Incentive Events,” third in the “Incentives Move Business” series, to provide a process for incentive practitioners to use to develop a plan to manage or mitigate risk.
Risk Assessment/Management for Incentive Events “The White Paper emphasizes that managing risk is important to all members of the supply chain, and is a key differentiator applied by customers when selecting suppliers,” stated Site International Foundation President Jane Schuldt, CITE, CIS. “Ensuring that proper risk assessment has been performed and appropriate risk management plans have been put in place at all levels is a new fact of life, and makes sense.”
Risk management is an especially important consideration for destination-centered suppliers, particularly for the inevitable natural or man-made disaster. Some companies are budgeting for at least one disaster every decade, which may not be enough. Planners also must assess the risks involved in the activities that are included in a program. On a practical level, evaluating risk and planning how to manage it frequently plays a major role in whether a program is acceptable to a client’s legal department. So, suppliers who proactively plan for and address this challenge have a keen advantage in their service offering.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.