Sports Law • Risk Management

Risk Management Resolutions

It’s time for your organization to make its New Year’s risk management resolutions. January is the perfect time to formulate goals so that your sport and recreation events can operate more safely and manage risks more effectively.

Goals for the year should be written down and communicated to athletic directors, management, coaches, staff, volunteers, athletes, and everyone that will be charged with taking steps so that the goals will be achieved. It is important to break down each goal into action steps that are manageable and measurable. Steps for achievement should be assigned to appropriate people that will carry out tasks and accountability is essential. Regular meetings to discuss the progress that is being made towards such goals are important.

An example of resolutions or goals for the year follows:
1. Develop a comprehensive risk management plan for our organization.
2. Create a risk management team led by a competent risk manager.
3. Undergo a comprehensive risk assessment
4. Implement appropriate risk control techniques
5. Evaluate risk finance options, such as insurance
6. Utilize experts to assist us with the above (insurance broker, attorney, risk manager)
7. Communicate risk management plans to management, coaches, staff, employees, patrons, athletes and others so that they can be properly implemented.
8. Acquire any resources needed for plans, such as AED’s, warning signs, security cameras, etc.
9. Provide incentives to people in organization for following and implementing plan.
10. Regularly monitor and revise plan as needed.

Your organization or event may have more specific goals for the year, but the above is a helpful guide as to the topics that you might address when setting resolutions. Make sure you remember that risk management planning also includes planning for emergencies and possible natural disasters. Remember that excellent risk management planning means saving money on potential losses, high insurance premiums, litigation expenses, injuries, loss of business revenue and will also result in a higher probability of business continuity and profits.