The Indian events and activation industry
Event risk management
If you fail to plan, you plan to fail.
Events attract considerable media attention, draw sizeable investment from sponsors, involve interactions with the public, invitees or participants and contain non-negotiable dates. They also require seamless integration of hundreds of non-standard elements across infrastructure, permissions, performers, props and personnel.
Risks include (but are not limited to):
- Audience or participant dissatisfaction
- Failure to achieve event objectives
- Withholding of payments by sponsors
- Loss of reputation
- Loss of life
- Litigation against the company
The events and activation company has to manage risks by adopting a defined risk management approach. Our survey indicates that these companies face the highest risks around safety, procurement and event quality. However, only 17% of the survey respondents conducted a formal and documented risk management exercise for all events managed by them, while 61% conducted some level of risk management for their marquee events or for events with a considerable level of public exposure.