The first step in the risk manage ment process is to acknow ledge the reality of risk. Denial is a common tactic that substi tutes delib er ate ignor ance for thought ful plan ning.

(Charles Tremper, cited in Vellani 2007, 110)

According to Frosdick (1999, cited in Toohey and Taylor, 2008), what we under stand of risk in modern times, origin ates back to the seven teenth century and the study of prob ab il it ies asso ci ated with gambling. This was fused into econom ics another two centur ies later, and evolving in more pess im istic connota tions, mainly corrob orated by the percep tion of hazards in the twen ti eth century. Nowadays, the perceived increased threat of terror ism places risk manage ment high on the agenda for event plan ning and has resul ted in increased secur ity and safety meas ures. It also influ ences the way people perceive their daily lives and their future, as risk management and perceived risk have adopted a more polit ical char ac ter (Toohey and Taylor, 2008).