Risk Management

Risk Management


risk
(verb)
1: to expose to hazard or danger
2: to incur the risk or danger of                   

As a student organization, you must be able to identify, define, and communicate your risk management responsibilities. When planning for an event or activity, the organization must consider every risk that could fall into any one of the five levels of risk. Well-formed plans can prevent innumerable foreseeable events from occurring. Thorough pre-event plans are essential to managing risk, as they allow for appropriate mitigation strategies to be set in place. Managing risk is an important part of being a successful student organization and is what makes many of the events held on campus possible. The best time to undertake a comprehensive risk management program is before an incident occurs at an event.

Physical Risk:
Physical risks include potential threats to the physical well-being of participants.  Physical risks can include such things as food poisoning, injuries that may result from the activity or event or travel to and from the event, or physical harm that can result from the behavior of other participants.

Reputational Risk:
Reputation risks are those things that may result in negative publicity for your organization, Truman, your advisor and/or the venue where you are holding the event.

Emotional Risk:
Emotional risks involve the potential of your event to result in emotional distress for any participant in the activities.  Examples of emotional risks might include harassment, emotional trauma, extreme fear or anxiety, offense or disgust, rejection or discrimination that occur as a result of the event.

Financial Risk:
Financial risks are potential negative consequences of the event that can negatively impact the fiscal stability of your organization and/or other organizations supporting your event. Examples might include misuse of
organization funds, few attendees than are needed to cover costs, poor accounting procedures, theft, and unanticipated expenses.

Facilities Risk:
Facility risks are risks to the facility in which you are holding the event or risk inherent at the facility itself.  Facility issues might include fire codes, maximum capacities, audio-visual issues, heating and cooling, damage to the facility during your event, and parking issues. Additional risks involved might be the behavior of other users of the facility, facility structural concerns, and weather challenges.

For Current Student Organizations:

If you are a member of a current student organization looking for more information on how on risk management and how you can mitigate potential problems, please watch the Understanding Risk video and assess your Event with the Risk Management Assessment.

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