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Riskmanagement is a dedicated preparedness rather than simply a mental exercise, according to Lisa Sommer Devlin, the most recent Smart Meetings webinar host. In her talk, “RiskManagement 101,” she outlined strategies for dealing with the risks of the industry, as well as how to actively avoid them. Legal Risks.
Effective procurement strategies not only ensure that companies get the best value for their money but also play a role in riskmanagement, innovation and corporate social responsibility. A 7-Step Process A true process will go beyond RFP sourcing and site selection, contracting and negotiations.
Electronic hotel-room keycards with a security vulnerability puts a new risk-management issue on planners’ plates. A meeting professional’s responsibilities are far reaching, but they haven’t typically required knowledge of the host hotel’s guest-room door keycard system. That’s changed. Grimes asks.
Effective procurement strategies not only ensure that companies get the best value for their money but also play a role in riskmanagement, innovation and corporate social responsibility. A 7-Step Process A true process will go beyond RFP sourcing and site selection, contracting and negotiations.
Event planners are no strangers to airport terminals and hotel check-ins. Most of their time on the road will be spent in hotel rooms, airports and attending to business-related obligations. Since event planners are always tasked with managing a million moving parts, their brains are definitely getting a workout.
Read More : RiskManagement: Events are Risky Business Extra costs could also show up indirectly in hotels showing less flexibility for what can be charged to the bill post-program, or just overall less “wiggle room” because the venues are trying to cover their own higher costs. Be an early bird. Don’t skip the site visit.
Better contract negotiations. We have implemented a risk-management manual to our events and we have purchased more event insurance for better protection. Increase in what we budget for food and beverage, and managing other costs more closely. Started implementing a strategic meetings management program.• . •
So the interns should learn how you negotiate that type of situation.”. Of the 27 competencies listed in CIC’s handbook, it could be site inspection, contract negotiation, promotions, and publicity. THE ART OF THE DEAL Ogbeide sees negotiation experience as essential. How do you identify a risk?”. It could be programming.
This year, we talked tips, tricks and insights with legal professionals on negotiating event contracts and navigating the current legal landscape. While some hotels are doing the right thing by taking Covid safety protocol seriously, even offering on-site testing, it’s especially important to have contracts squared away.
The Philadelphia Marriott Downtown’s decision to host the Moms for Liberty national convention has lawmakers asking questions, and raises important riskmanagement issues for meeting professionals to consider. In their letter, the lawmakers urged the hotel to reconsider hosting the event and posed three questions: 1.
Now, imagine showing up to the event, hearing that most speakers backed out after not getting paid, and then being asked to help cover the costs of the event’s outstanding hotel bill of $17,000. Event budgets also act as a riskmanagement tool. Whereas, starting too late can mean less options and premium rates.
Negotiation is more essential than ever for achieving cost savings, and planners should work closely with partners — including DMCs, hotels, speaker bureaus, and food and beverage vendors — to identify creative opportunities for doing more with less. Work with Partners—and Haggle.
Meeting professionals today are riskmanagers. Pandemic-era contracts now require contract clauses that include Hotel Protocols and Policies for Covid-19 prevention. The planner can get dinged if attendees are able to get lower rates at the same hotel, so focus on room nights. What if a hotel cancels due to bankruptcy?
To best be prepared and aligned with the hotel, it is important to address so you establish a shared agreement as it relates to the pandemic and its impact on a program. We advise working with your legal and riskmanagement to establish acceptable approaches to what could be problematic, what solutions will be explored and the timing.
Hotels were a recurring topic, as planners noted a decrease in the ability to negotiate contracts, along with pressures associated with lowered commissions and increased competition for space. When Marriott-owned organizations are the only game in town, your choices and the ability to negotiate goes down to zero. Hotel greed.
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