Business Risk Management Business Stakeholders

Question: Describe about the Business Risk Management for Business Stakeholders. Answer: Risk treatments of Gold Coast 600 Car Racing Event 2016 Racing event is an overwhelming event that attracts several stakeholders. These stakeholders are; participants, sponsors, spectators and organizers. The event is accompanied with extreme activities that expose the stakeholders to several risks (Loiacono and Togelius, 2007). The following report outlines the risk treatments option to be applied in the Gold Coast car racing event in 2016. The following are risks identified in the report of managing risk of Gold Coast car racing event; Hearing risk Car crash Fire Inhalation of fumes Crushing of spectators off road Treatment Options The following section contains options that can be used to control the risks identified in the event. The treatment options are associated with the strategies that can be used to manage the risks and ensure that the events goal is reached in a safety way possible. Wearing hearing protective gears This treatment will enable the drivers and spectators who are in the event to reduce the risk of damaging their ears. The event is accompanied with loud noise from the cars and music in the event. The loud noise can cause damage to participants and spectators and there is need to reduce the risk of it happening. Both participants and spectators should wear earplugs to protect their ears. These earplugs will ensure that excessive noise does not cause harm to the ears of the people attending the event. The strategy in this risk will be mitigation aimed at reducing it from happening as the event happens. Avoiding fire This treatment option is meant to avoid occurrences of fire in the event when an accident occurs. The participating cars should be fitted with new advanced fuel tanks that dont leak even when an accident occurs (Koc, 2016). These tanks will ensure that no fire is to be experienced in the events even when car crashes happens. By using this treatment option, the event will avoid risk of fire in the event. Fire is risk and can cause the accidents in the event fatal. Therefore, it will be important for the event to adopt avoidance strategy in this case in managing fire risk. This will be made possible by ensuring that the participating cars are fitted with modern fuel tank as a requirement. Accepting car crash The event is associated with high speeding from drivers to seek championship. This will lead to a high risk of cars crashing either by hitting walls or crashing on one another. The drivers have a desire to finish the race and can hold the responsibility of reducing crash on their own. Crashing will make participating drivers to lose the race. Therefore, the event risk management plan will treat this risk as acceptable. Avoiding crushing off road spectators This treatment option involves strategies that will reduce the risk of racing cars from crushing the cheering fans. It will be done by ensuring that the racing ways are clear and no spectators cross the walls. This will be facilitated by communicating to the fans the danger of crossing the walls and the risk they face. Therefore, mitigation strategy is will pursed in this risk management to ensure that the risk is minimized (Crouhy, Galai and Mark, 2000). Reduction of Inhalation of fumes There is a great risk of participations inhaling contaminated gases in the event. This could be from burning rubbers from the racing vehicles tires. This is as a result of over speeding or drafting of the cars by the drivers in strive to win the race. These fumes can lead to choking effects to the participations and can cause them to collapse if they are severe. This risk can advance and lead to severe health deterioration. Therefore, it is important that risk is transferred or shared because it can become expensive to the event. Recommendations From the above discussed treatment options, I can recommend the following to enhance the effectiveness of the strategies outlined in the report; Communication: Communication to all stakeholders about the risks and the strategies formulated is highly recommended. Communication reduces risk by making all parties aware and conscious about the likelihood of a risk happening (Das and Das, 2006). This will reduce chances of a risk happening in the event. Health checkup: To minimize hearing complications, drivers and spectators are advised to visit doctors to for checkups. This will reduce the chances of the healing problem either advancing or happening. Fire extinguishers: The event is recommended to be prepared with fire extinguishers in case fire breaks up. Though there is a mitigation to reduce fire from erupting, it important for the event to have fire extinguishers to put off fire in case the worst happens and avoids fatal accidents. Wearing of safety masks. These will prevent the drivers from inhaling the fumes from the cars rubber tires when they burn. References Crouhy, M., Galai, D. and Mark, R. (2000). Risk management. New York: McGraw Hill. Das, S. and Das, S. (2006). Risk management. Singapore: John Wiley Sons. Encyclopedia of stock car racing. (2013). Choice Reviews Online, 51(01), pp.51-0004-51-0004. Koc, E. (2016). Risk and safety management in the leisure, events, tourism and sports industries. Tourism Management, 54, pp.296-297. Loiacono, D. and Togelius, J. (2007). Competitions @ WCCI-2008. ACM SIGEVOlution, 2(4), pp.35-36. Powles, T. (2003). Risk factors, treatment options and follow-up. The Breast, 12, p.S5. Togelius, J. (2008). The simulated car racing competition @ CIG-2008. ACM SIGEVOlution, 3(3), pp.17-18.