Coronavirus Dialogue Series: Risk Management Planning

1 Clock Hour | Domain C: Risk Management

Waiting till a crisis such as COVID-19 to determine the risk management plan is too late. It needs to be written ahead of time, with robust mitigation and contingency plans, as well as contain proper insurance cover. All contracts should cover Force Majeure, cancellation/postponement options, attrition and third party vendor protection. This keeps the organization’s reputation and everyone's safety at a forefront whilst being adequately prepared. Heather has dealt with every unimaginable situation from volcano eruptions, to a hotel on fire, a hotel wanting to walk her client’s conference, speakers not showing. In the wake of COVID-19 cancellations, Heather has saved her clients over 1.5 million dollars and even negotiated a client's conference to have an open postponement clause for two years.

Learner Outcomes:

1. To identify key contract clauses, such as Force Majeure, cancellation/postponement options, attrition and how to leverage and maximize them in the era of Covid-19, including creative MOUs

2. Understand how to create a matrix to weight risks and ensure right resources to right size risk, as well as buy-in from stakeholders

3. Be prepared to create contingency plans and secure proper insurance cover for risk