Assessing management of risks in the event industry by 2010 with reference to the City of Cape Town

Abstract

Research shows that Cape Town has become one of the most popular and prestigious destinations to visit and has opened its doors to minor and major events worldwide. Successful annual events that have become established in Cape Town, nationally and internationally, include events such as the Cape Town International Jazz Festival, Cape Outdoor Adventure and Travel show, Community Chest Carnival, Design Indaba, Design for Living, Homemakers Expo, Cape Argus Cycle Tour, as well as the Old Mutual Two Oceans Marathon and the Cape Town International Kite Festival. Venues such as the Cape Town International Convention Centre have become an international trademark and host large events such as the World Diabetes Conference. These events and venues have placed Cape Town in the world’s top ten destinations to visit. Cape Town is currently preparing for the 2010 Soccer World Cup which places much focus on Risk Management and Compliance. Risk Management concerns predictions and preventions and is described as a process of continuous improvement, which is directed towards effective management of potential opportunities and adverse effects that would impact the event. Risk management plays an important role in the planning and organising of these major events. The aim of this study has determined what the common risks were that event stakeholders within the City of Cape Town have found difficult to manage and have regularly encountered. Risk Management has become one of the most important operational domains within the Event Industry within Cape Town, as well as on a global scale. Since Cape Town has become a global player within the events arena, in terms of major events, much focus has been on risk responsibility and accountability.