As Olympic fervor comes to an end, a Harvard Business Review blog post takes a look at the risk management involved in hosting the games. The London organizing committee and the International Olympic Committee had to prepare for every potential type of disaster: blackouts, railway failures, floods, disease outbreak and diplomatic crises.
Since the ’90s, the International Olympic Committee has formalized its process of ensuring that host cities prepare properly and has insured itself against cancellation in the event of terrorism or natural disaster. Integrating risk mitigation into decision-making processes has become common, including using risk registers, running scenarios and putting monitoring systems in place.
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