393 | Risk Management For Sporting Events
about the phenomenon through
participants' own words, allowing
respondents to express their attitudes,
beliefs, or behaviors in the absence of
preconceived notions (Golinski, 1998;
Jennings, 2001) (Reid & Ritchie, 2011).
RESULTS AND DISCUSSION
Risks are associated with sports events, for
organizers, participants, sponsors, guests,
and the general public
The process by which risk
management is interpreted and executed
by organizing committees and major
stakeholders of events is becoming
increasingly important, especially in one-
time large-scale international sporting
events, because of the increased
international media coverage, higher
insurance costs, and the possibility of
events such as terrorist attacks (Leopkey &
Parent, 2009).
Within the last 20 years, the hosting of
sporting events has become an increasingly
popular goal for many communities
(Emery, 2001; Whitson & MacIntosh, 1996).
This is due to the potential for exponential
ROI (return on investment) and legacy
benefits such as new facilities and
improved infrastructure, increased
community spirit, and
national/international recognition (Ritchie,
1984). Events include cultural events and
festivals such as Carabana and Mardi Gras,
and sports tournaments such as the FIFA
(Federation Internationale de Football
Association) World Cup (Watt, 1998). For
large-scale sporting events, in particular,
academic and popular press books deal
with many issues such as economics,
tourism, and marketing (e.g., Getz, 2005;
Preuss, 2004) (Leopkey & Parent, 2009).
Classical risk management stems from
the project management research literature
(Chappelet, 2001). Prior research has shown
that it is possible to approach risk
management in a variety of ways (cf.
Wideman, 1992; Boehm, 1991). However,
most researchers (e.g., Wideman, 1992; Raz
& Michael, 2001) agree that risk
management takes on a cyclical approach,
similar (plus or minus a step) to the Project
Management Body of Knowledge (PMBOK)
approach (for additional information on
PMBOK visit www.pmi.org), where risk
management is essentially made up of four
phases: identification, assessment,
response, and the documentation of risk
(Wideman, 1992). It is also a common
assumption that risk management
continues throughout the project,
including the planning, execution,
completion, and wrap-up of stages of the
event (Raz & Michael, 2001). The
overarching goal of project risk
management is to identify risks and
develop strategies to reduce or mitigate
them (Wideman, 1992) (Leopkey & Parent,
2009).
Using stakeholder theory (see
Clarkson, 1995; Freeman, 1984; Frooman,
1999; Jones, & Wicks, 1999; Logsdon,
Wood, & Benson, 2000; Mitchell, Agle, &
Wood, 1997, Phillips, 2003; Wolfe, & Putler,
2002) to study risk management issues in
sporting events allows for the examination
of the topic from both sides of the
equation, i.e., from the organizing
committee’s and the stakeholders’
perspectives, and because it allows for the
inclusion of a variety of literature.
Researchers have identified many possible