Risk management is a hot topic at the moment, but very little is known about the risks as they apply to the MICE space, and the strategies that can be applied to mitigate these risks. Most organisations with an SMMP have a meetings policy. But how many of those policies address the key areas of risk.

Duty of Care – There are two areas in which duty of Care lapses can impact your company, and they are (a) safety and security and (b) brand exposure.

Signature Authority Breaches – Typically means that an employee without the proper signature authority level has signed an agreement with a venue, thereby binding your company to the terms and conditions of the agreement.

Fiduciary Breaches – The main areas of potential breaches in meetings are (a) not achieving the maximum amount of savings during contracting (b) misappropriation of funds, and (c) process inefficiencies.

Cancellation & Attrition Penalties – Inexperienced employees negotiating venue contracts can expose your company to considerable risk.

Reporting Inaccuracies –Can lead to a number of serious risks. By incorrectly entering (1) event dates (2) number of attendees (3) attendee names (4) contracted rates per attendee, or (5) venue locations, you could have impacts to the safety and security of your travellers, or legal and financial impacts to your company.

Regulatory Violations – There are four main areas of regulation that impact meetings, and they are the: (1) Foreign Corrupt Practices Act (2) UK Bribery Act (3) Physician Payment Sunshine Act (pharmaceutical industry), and (4) Financial Industry Regulatory Authority / National Association of Securities Dealers Rules

How many SMMP policies address all the areas that a policy should?