Students studying for a management based degree in Event, Tourism, Hospitality and Leisure Sectors need to understand the principles of risk management, in order to effectively plan events that can go forward with the minimum of risk. The types and categories of risk need to be recognised and identified so that decisions can be made with respect to the viability of projects or the steps that need to be taken to minimise risks that exist. Dealing with the consequences of risks that mature into damaging factors is also a necessary component of knowledge for someone wishing to enter the events industry. Also, the ability to design and create a business continuity plan has become an invaluable skill for any organisation to acquire. Risk management encompasses the whole range of risks, which, if they occur, can prevent or hinder an organisation achieving its objectives. In an industry such as this, which deals with the public, often in unfamiliar surroundings, the risks are magnified. For this reason risk management needs to form an integral part of the preparation for one hoping to work in the industry. The exposure of the industry to legal risks, mainly through regulation and liabilities demands that a special emphasis is given to this aspect.
If the decisions reached as a result of the risk management process are to be applied effectively, then a structured management approach will be required. That approach is best found in project management. Project management allows a complex task to be broken down into its constituent parts; these parts, or tasks, are then allocated to acquire resources, and the whole coherently managed to a conclusion.
Prospective employers in the events industry and elsewhere are likely to put a high premium on those applicants for jobs who can demonstrate an understanding of this area. There is also a career route now available and a professional qualification.