Certified Meeting Professional (CMP) Practice Exam

What happens during the risk assessment phase?

1. All risks are removed from the event

2. Potential risks are identified and prioritized

3. Insurance policies are finalized

4. Vendor contracts are signed

The correct answer is: Potential risks are identified and prioritized

During the risk assessment phase, the focus is on identifying and prioritizing potential risks that could impact the event. This step is crucial because it helps organizers to understand the various threats that may arise and the likelihood or severity of their occurrence. By identifying potential risks, event planners can develop strategies to mitigate them, ensuring the safety and success of the event. Identifying risks can include looking at various factors such as health and safety concerns, logistical issues, and environmental factors. Prioritizing these risks allows planners to allocate resources effectively to address the most significant threats first. While aspects such as finalizing insurance policies and signing vendor contracts are essential parts of event planning, they occur after the risk assessment has identified and prioritized risks that need to be addressed through these actions. This systematic approach aids in proactive event management and risk mitigation.