ABSTRACT
This chapter examines the concepts of risk, risk analysis, and risk management. Risk management is a proactive process; it involves the assessment of all possible risks for a given event and its stakeholders. This is done by strategically planning, anticipating, preventing, and minimising responses to mitigate the risks identified. The chapter presents some risk categories, split into tangible and intangible types, and some possible risk management strategies. It summarises the information by describing the risk management process in major sports events. There are three major ways sport event managers try to mitigate or reduce risks: readiness exercises, test events and venue emergency/readiness. Turning to the sport management literature, researchers have been interested in examining general risk management in sports events and perceptions of residents and tourists regarding risks. Residents may be supportive and excited and feel a sense of national pride for an upcoming major sports event, but, depending on their age, they may have different views on the risks.
