VenuesNow Conference Preview: Security Impact on Budget, The Cost of Loss Management, Risk Avoidance & Insurance in Strange Times

Led by Mike Downing, a 35-year LAPD veteran and head of Oak View Group’s Prevent Advisors, this Venues Now conference panel will examine the economic impact of venue security in a risk and reward environment of tight budgets, financial constraints and wary insurance companies. Given the complexity of the issue, the panel includes experts in insurance (Lockton Companies AVP, Client Advocate Kyle Martin), counterterrorism (Aluma Risk Founder/CEO Akmal Ali), threat intelligence (Verizon’s Darrin Kimes), crisis planning and crowd safety ( Pink Bows Foundation / Crowdsafety.org consultant Dr. Mark Hamilton) as well as a pair of high level executives in the field (Prevent Advisors VP Business Services Scott Anderson and OVG VP Risk Management D’Juana Thomas).

The eighth annual VenuesNow Conference will take place Sept. 9-11 at Resorts World Las Vegas. Presented by Lockton and Oracle, the event marks the debut in the entertainment capital of the world and the first time VNC has expanded to three days. Registration for VenuesNow Conference is open now at venuesnowconference.com.

Downing points out that any venue which spends money and time on fulfilling a Safety Act requirement should have their mitigation of risk acknowledged by insurance companies lowering their premiums and deductibles accordingly.

“These discussions have been going on for the past six years,” he explained. “What we would love to have is a letter from a national insurance organization acknowledging our efforts with a 10-20% reduction in premiums.  It’s an incentive for other organizations to seek that Safety Act designation.”

The mass killing that occurred at the Route 91 Harvest music festival in Las Vegas, where 60 people were gunned down, didn’t qualify the promoters for insurance payouts or indemnification under the Safety Act, as Downing points out, “because it wasn’t a designated terror attack by a foreign entity” as defined by the Department of Homeland Security.

“I believe the process of fulfilling the demands of the Safety Act is even more important than getting the actual designation,” continued Downing. “Because it forces you to address all the issues – the vulnerabilities, the policies and procedures, etc. It makes for a safer environment.”As for the “Strange Times” in the title, Downing pointed to a polarized, divided country rife with protests and demonstrations involving mass crowd gatherings. “There is plenty out there we have to be on top of,” he said. “What are the financial implications of these security measures?  What is the budget allocation? What is the cost-benefit analysis of the trade-off between investing in preventive security measures and dealing with critical incidents?

“Security is often thought of as a revenue-taker, not a revenue-maker, but, as a zero-based proposition, I believe it protects the brand, provides a sense of safety and joy, and overall, adds to the value of that ticket.”