A Meta-synthesis of the Systematic Application of International Best Practice Methods and Standards in Managing Risk in Event Management

Abstract

All business involves assuming and managing risk and this is particularly true of businesses involved in the staging and management of events, which are inherently risky endeavours. This makes event management intrinsically concerned with managing various forms of risk and yet the level of adoption of formalised practices based on widely accepted standards is low. The research is significant especially in the wake of the COVID-19 pandemic which has had a significantly negative impact on the events industry in South Africa and abroad and has brought into sharp focus that those event organisers who are able to effectively and demonstrably manage risk will have a competitive advantage over those who cannot as the future of a great many well established events will hang on their demonstrable ability to manage the risks related COVID-19 as well as others.

This study aims to identify the factors that influence best practices in managing risk during event management and ascertain what effect these factors have. Recommendations have been made as to what could be done to enhance the use of best practices of risk management during event management.

More than ever before a variety of stakeholders are expecting that event organisers actively engage in managing risks and do so to the extent of what can be considered reasonably practicable. Event organisers need to be able to satisfy a wide variety of stakeholders that risks are and will be managed appropriately simply in order for events to be funded and approved and thereafter must further manage the associated risks to ensure profitability and the limitation of liability.

Much of the formalised risk management activities that currently take place within the event management industry in South Africa is aimed at achieving compliance standards set by licensing authorities, however this research report shows that being merely being compliant with minimum standards set by such authorities does little towards effectively managing risk on behalf of the event organiser and related stakeholders.

The methodology used in this study was a qualitative study consisting of semistructured open ended face to face interviews and (virtual) online interviews of experienced industry professionals to ascertain their perspectives, opinions, and points of view about managing risk in events management and why best practice standards is often not employed.

This research report shows that event organisers should set their own standards internally and adopt those risk management methods and standards that are most applicable to the type of event staged rather than rely on complying with minimum standards set by external sources. Additionally, the study concluded that risk management must be an integral part of the event management process encompassing all phases of the event.