SMGT 3861 Lecture 3: Chapter 3 Risk Management

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Published on 20 Feb 2019
School
Course
Professor
Chapter 3 Risk Management
Tuesday, February 19, 2019
7:30 PM
Risk Management Definition
Process of reducing or eliminating the risk of injury and liability associated
with sport and recreational facilities or services
Loss prevention: risk management is about loss prevention; money, injury,
etc.
Who would be involved?
Manager: making decisions
Risk manager: handle details and day-to-day operations
o Compliance officers
Outside auditor: risk management professional
Insurance company: limit financial loss
Lawyer: facts and a determination of the standard of care
Jury: what is reasonable?
Employees: implementation
Risk Management Process
Recognition
Analysis
o Identification
o evaluation
Action
o Retention
o Treatment
o Transfer
o avoidance
Monitor and review
Step 1: Recognition
Determine why the situation is important
Acknowledge safety and loss potential
o Management issue
o Self-evaluation
Personal experience
Media influence
Education and training
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