The 5 Most-Critical Meetings Program Risks And How To Avoid Them

Organizations of all sizes struggle with productivity and cost-effectiveness when they haven’t implemented a strategic meetings management program. Whether a company is publicly traded, private, or a member of a strong industry association that governs ethical practices, meeting planning policies should be implemented around budget approval, gifts and the sourcing process.

The Most Critical Risks Your Meetings Program Is Facing:

  1. Regulatory Risk

    Enforced by industry or state/federal government regulators

  2. Contractual Risk

    Due to lack of legal foresight or knowledge

  3. Branding & Public Image Risk

    Without proper oversight companies may discover meetings activities that do not correlate with current corporate messaging or that are inappropriate altogether, either from a financial or content perspective.

  4. Payment Risk

    Subject to human error and/or intentional fraud

  5. Safety & Security Risk

    From natural disasters to political uprisings, conditions can arise that demand crisis preparedness

 

So, how do you avoid these risks? It’s all about consistency and raising awareness. Meetings management technology can house a living meetings policy and drive meetings processes to ensure consistent planning. Applying these practices to every meeting is the first step in mitigating risk.

Technology allows you to ensure all meetings are in compliance, approved, and using approved suppliers. You can submit meeting requests, set up approval forms and approvers, track event approvals, and view a centralized meetings calendar. Also, you’ll have the ability to review and allocate related budget.

In this Meetings Starter Kit, we’ll explore how a meetings management program can mitigate potential problems and prevent the corporate financial losses often associated with them.

 

This post is part of a series on meetings management. To see other blogs in the series, click here.


Madeline Hessel

Written by Madeline Hessel

Maddy is on the Content Marketing Team at Cvent. When she’s not geeking out on lead gen tactics, optimizing processes, or cramming prospects through the funnel faster, you can find Maddy playing soccer, cooking a yummy dinner at home, or traipsing around the country to visit her geographically-challenged family.