CED Risk Management & Contingency Planning Flashcards

Which metric best helps a CED evaluate the effectiveness of risk mitigation strategies after an event?

Answer: Number of risk incidents that occurred versus those identified in advance

Comparing the number of anticipated risks to actual incidents reveals how well mitigation strategies performed and where gaps remain.

What is 'residual risk' in event planning?

Answer: The risk that remains after mitigation strategies have been applied

Residual risk is the level of risk that remains even after all planned mitigation actions have been implemented, and it must be accepted or further addressed.

During a post-event debrief, which document should be updated to improve future risk management?

Answer: Risk register

Updating the risk register with lessons learned from actual incidents ensures that future events benefit from accumulated organizational knowledge.

A CED is planning a large gala and identifies 'key vendor bankruptcy' as a risk. The BEST mitigation strategy is:

Answer: Requiring vendors to carry their own liability insurance and vetting financial stability before contracting

Vetting vendor financial stability and requiring adequate insurance coverage are proactive measures that reduce the impact of sudden vendor failure.

Which of the following is an example of 'risk avoidance' in event planning?

Answer: Choosing an indoor venue to eliminate weather-related risks entirely

Risk avoidance eliminates the risk entirely by removing the condition that creates it, such as choosing an indoor venue to avoid all weather-related concerns.

An event's emergency action plan (EAP) should be shared with which group BEFORE the event begins?

Answer: All on-site staff, security, and venue management

All on-site personnel who may need to respond to an emergency must be briefed on the EAP before the event begins so they can act decisively if needed.