Before an organization makes the decision on whether or not to assume the risk for a hosted event, there are four key factors that must be considered.
First, the organization must consider the purpose for holding the event. Does the purpose further the goals of the organization or business in a positive manner? Will the event generate revenue or funds? Is the event meant to stimulate interest or engagement?
For any of these stated reasons, it may be logical for an organization to assume the risk of hosting an event. If the answer is rather more trivial, the risk may not be worth the consequences.
Second, the organization must consider the cost to host the event and the general return on cost versus the risk taken in hosting. If it is anticipated that the return will far outweigh the cost, it may be determined that the risk of hosting is negligible and therefore the event should commence. If the benefit does not outweigh the cost, the risk may be too high.
Third, the organization must consider the venue for the hosted event. If it is a venue personally owned or controlled by the organization, it is more logical to assume the risk of hosting. If the venue is outside of the control of the organization, risks soar and the benefit may not outweigh the outlay.
Finally, the organization must consider the long-term impact of hosting an event. Is it likely to create business or impact reputations far into the future, or is the impact more immediately felt and faded? Events can often be used to the advantage of an organization to build a long-term memory of what that organization can do, but it can be just as easy for an organization to be looked upon poorly if an event goes awry.
It is always wise to weigh all angles before any assumption of risk is ever accepted. When an organization plans an event, much long-term impact can be mitigated with short-term planning.
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