Risk Management  Sources of Risk:  Natural – Can’t be avoided  How can weather impact a sporting/entertainment event?  Human – Dishonesty, theft, and incompetence  How can incompetence affect safety?  Economic – The Business Cycle  How does the economy impact attendance?

Risk Management  You need to be aware of and develop plans for:  Gain or Loss risk – Can go either direction  Examples in sport?  Controllable risk – Prevented or Reduced  Examples in sport?  Insurable risk – Can be Purchased  Examples in sport?

Risk Management  Risk Avoidance  What can be avoided through planning, attention to details, and adherence to legal safety standards  Liable – Legally responsible for damages and possibly medical costs and other losses  Risk Transfer  What can be transferred to another company or the consumer  Insurance or Statements (Signs or Ticket Backs)  Risk Retention  Unavoidable

Risk Management  Risk Assessment  Identify Potential Hazards  Determine who might be Affected by the Hazards  Evaluate the Options for Managing the Risk  Implement the Best Options  Review the Assessment to Determine if Improvements are Needed

Ethics  Ethics  System for deciding between right and wrong in a reasoned and impartial manner  Code of Ethics  Ethical Behavioral Guidelines that govern day to day activities or a profession or organization

Ethics  Code of Ethics – 4 Steps 1.Brainstorm Ethical Dilemmas - Problems the company might face due to the type of business 2.Discuss Potential Solutions -Suggestions on how to handle situations…Understand different cultures and values 3.Write Set of General Guidelines - Range of Acceptable ways to deal with situations 4.Improve Your Code

Ethics  Long Term Vs Short Term  Acting unethically may create short term profits but long term problems  Integrity and Reputation will keep customers coming back