President John F. Kennedy said, "There are risks and costs to a program of action, but they are far less than the long-range risks and costs of comfortable inaction."
Isn't that the truth? Do you believe it is far better to be prepared than NOT be prepared? One of my colleagues told me a story about what happened in their organization. They held an offsite activity at an outdoor activity center. Thankfully, the meeting planner added the right terms and conditions because a wind storm blew a heavy table into one of the attendees. As the attendee was headed into the ambulance, the activity center tried to obtain a signature from him confirming that they were not responsible. However, the proper language was already in the contract holding the facility liable.
Simply, an Ounce of Preparation is Worth a Pound of Cure!
Recently, American Express Meetings & Events released new research that reveals sizeable gaps between what leaders believe about risks vs. what planners actually do about risks in meetings. A couple of facts include:
- 51% of meeting planners believe that risk is not properly mitigated in their organization
- 27% of leaders are unable to track meeting expenses and 32% of leaders are unable to report all meeting expenses.
- 52% of planners do not receive a budget when meeting planning begins
Check out the American Express Information!
How beneficial would it be if you had an action plan to mitigate, prepare, respond and recover from your risks? In 2011, I introduced the industry to the 7 Critical Areas of Risk Exposure in Meetings in Events and posted a blog topic here.
On Sunday, July 21, I will be sharing information on how to build a Risk Mitigation Plan for each of the seven categories at MPI WEC from 4:00 to 5:00 in Lagoon H, Level 2 at Mandalay Bay Convention Center.
This methodology provides structure to your risk mitigation efforts that you can share with your leaders to show the opportunity, support the value that you bring to your organization. Not only will it make you look like a hero, but it will also develop your competency...and frankly, it is fun when you come together as a team and consider all the What If scenarios.
Now that you know the risk categories, let's build two POWERFUL documents:
- Risk Impact Chart
- Risk Mitigation Plan
We will answer these questions ....
- What are the financial impacts?
- What are the reporting impacts?
- What are the security impacts?
- What are other risk impacts?
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Questions to Answer … |
Your Suppliers |
Your Organization |
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What do we do to mitigate the risks? |
1. [fill in the blank] 2. |
1. [fill in the blank] 2. |
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What do we do to prepare for the risks? |
1. 2. |
1. 2. |
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What do we do to respond to the risks? |
1. 2. |
1. 2. |
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What do we do to recover from the risks? |
1. 2. |
1. 2. |
When you show leaders that you have developed a process or a method to categorize and report on data, and that there is predictability in understanding risks, they automatically appreciate your expertise and believe you are a leader who can show value to the organization.
I hope to see you at MPI WEC on Sunday, July 21! I will only be at MPI for one day, so text me if you want to get together! 908-304-4954.
Speaking of Risk – My next book is ready and available on Amazon! Susan Losurdo and I teamed to provide you with very practical advice in a Crisis. Check it Out ….
And, THANK YOU to Successful Meetings Magazine for naming me as one of the Top 25 Most Influential People in the Meetings Industry last week. WOW. I am so grateful.
Debi Scholar
(908) 304-4954
Thank you for visiting the T&E Plus Blog on expense management, travel management, business meetings, events, incentives, strategic meetings management, entertainment, virtual meetings, tickets, hotels, airlines, ground transportation plus more...
Debi Scholar, GLP, GTP, CMM, CMP, SSGB, CTE, CTT, CBST
• Author, Crisis
Management Handbook (2013)
• Author, Strategic Meetings Management: The Strategy Quick Reference Guide
(2011)
• Co-Author, Strategic Meetings Management Handbook (2011)
• The 25 Most Influential People in the Meetings Industry (2013)
• Meetings
Management Mover and Shaker as selected by Corporate and Incentive Travel
Magazine (2010)
• Top 20 Changemaker who influenced the meetings management industry by
Corporate Meetings and Incentives (2008)
• Best Meeting Practitioner as selected by Business Travel News (2007)
The opinions expressed in this message and/or any attachments are those of the author and not necessarily those of American Express., its subsidiaries and affiliates. There is no guarantee that this message is either private or confidential, and it may have been altered by unauthorized sources without your or our knowledge. Nothing in the message is capable or intended to create any legally binding obligations on either party and it is not intended to provide legal advice. Debi Scholar and American Express accept no responsibility for loss or damage from its use, including damage from virus.
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