Events are part and parcel of a human being’s life (Getz, 1997).Since origin of human beings; events have played a major role in evolution of the civilization. With time, world of event planning and management has evolved as well. Unlike past, when events were managed without much focus on the risk and sustainability, today event management is extremely focused on organizing events which are not only risk free, but are also sustainable in nature (O’Tooleet al, 2005). Event planning companies organize and handle range of events such as, corporate events, social events, non-profit events, weddings etc. However one common factor among different types of events is their management process, and the focus on risk management and sustainability issues.
Event planning and management has gradually evolved as a multi-billion dollar industry, and is growing with every passing year. It becomes obvious that with such a high stake, risks and sustainability issues are equally high (Shone & Parry, 2004).With rapid increase in the competition, well established event management companies are focusing on making their event management process risk free and sustainable in nature.
Event planning and management today has become an industry which is worth billions of dollars. However this was not the case few years back. Initially, there was not much focus on the management aspect of an event. In other words, it can be said that events were organized in more of an ad-hoc approach (Van der Wagen& Carlos, 2005). In generic terms an event was organized to fulfil a particular task. It might have been organisation of a wedding, or a social gathering. However with changing time, events today have become more sophisticated, well organized, and ironically more prone to risk and sustainability issues. For an organizer, risks associated with an event and its management has become a nightmare.