risk management Program: Paramount Canada’s Wonderland
Background Information
Tornoto’s, Paramount: Canada’s Wonderland (PCW) is located just outside the city of Toronto, Ontario. This particular outdoor theme park provides guests with over 200 attractions (Victoria Falls High Divers and Arthur’s Baye Stunt Show), wild rides (Shockwave TM and Drop Zone Stunt Tower), a wide selection of roller coasters and a 20-acre water park for the whole family. The park is open starting near the end of May and stays open until the end of September or early October depending on the weather. This theme park would definitely be a time to remember, but before this amusement park lets anyone through the gates, there are many risks that should be dealt with.
In order for the PCW to be fully operational, they would need to develop a risk management program. This will ensure safety for both the customer base as well as the people involved with amusement park’s daily operations. The individuals that run daily operations would range from the chief executive officer; to the employees working the gates; to the performers in the stunt shows. In order to develop a risk management program, there are six main areas that must be covered in order to avoid, reduce, retain, and insure PCW. These six areas include: determination of objectives, identification of risks, evaluation of risks, consideration of alternatives and selection of the risk treatment device, implementation of the decision, evaluation and review. By going through these areas in detail, PCW will be in a greater position to deal with possible risks.
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Determination of Objectives
There have been an increasing number of accidents occurring throughout the amusement park industry. Risk management should be considered for every amusement park, including Toronto’s, Paramount: Canada’s Wonderland. Furthermore, not only does risk management help reduce tension in everyday environment, but it also can be considered value-added as patrons will have a renewed feeling of safety when visiting PCW. Since safety for patrons and maintaining a profit are the greatest objectives for PCW, then a properly conducted risk management program will help to achieve this. If the safety of patrons is maintained, PCW will maintain a profit because the public will be satisfied and keep returning. Moreover, this objective of safety is an obligation for PCW to provide society with utmost protection from injury; therefore, legal legislation installs businesses to have a social responsibility. For example, PCW should try to accommodate the following:
1. Make an explicit community commitment
(a) Business basics: Meet community demands for cost-effective products and services
(b) Philanthropy: Meet community needs without apparent business benefit
(c) Commercial Initiatives: Partner with community-based organizations that support business success
(d) Community Investment: Engage in long-term strategic community partnerships
2. Gather and promptly respond to community complaints.
Also, if injury does occur, PCW should also consider an objective to survive if a lawsuit is pending. Another objective for PCW is to attain employee safety, as well as, take into account anxiety and stress levels felt by employees of all departments.
Risk Identification
Since nothing can be done about risks until there is an awareness, a risk manager for PCW, should visit the park and penetrate operations in order to obtain risks that PCW is exposed to. When surveying risks at PCW, the risk manager should first check for the most common risks that are simple to identify. For example, are the safety and instructional signs visible? Are there enough emergency exits and are they easily accessible? Next, check the safety restraints systems of roller coasters (like The Mighty Canadian Mindbuster) and attractions. The risk manager should look at training procedures and prerequisites for all staff (especially those performing in Arthur’s Baye Stunt Show or lifeguards at the water park), and determine what risks could occur from poor performance from maintenance, inspection of equipment, personal relations, finance department, and so on. For instance, in the water park, is maintenance checking proper chlorination levels? Are rafts for the Super Soaker ride in proper working order? Is PR identifying with customer concerns? Does the finance department contain proper insurance coverage? Furthermore, risks at PCW are not simply from the rides, but can also be found in the food preparation and hygiene procedures.
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Evaluation of Risks
When evaluating risks, pooling them into three categories will determine the severity of the risks. These three categories are critical risks, important risks and unimportant risks. Exposures that would cause PCW to become bankrupt would fall under critical risks. Hence, assuming risks that would fall into this category would be incidents such as death or severe injury of a patron from the rides or surrounding environment. Safety precautions must be taken to prevent injuries to employees. Training and/or failing to find out if employees have the proper training for a particular job would be a critical risk that staff employees must face in the hiring procedure. Next, risks that could in fact cause PCW to borrow funds would be considered important risks. For example, employees at a restaurant serve food that they knew was overdue, making several customers sick; in the event that one of the PR employees started a fist fight; even if the upper management systematically discriminated in a hiring procedure; these all would lead to important risk issues. Lastly, the category of unimportant risks are calculable in instances such as a harassment lawsuit between two workers in HR department; losing a large number of customers because dissatisfaction of service; the accounting department accidentally adds an extra zero to the income level, inturn, increases spending. All these exposures will lead to certain costs for PCW. By giving examples and placing them in certain categories, PCW will have an idea of what amount of loses to expect.
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Consideration of Alternatives and Selection of the Risk Treatment Device
This section directly deals with the risks and techniques that are used to solve them. The risk management program branches off into two main focuses: risk control and risk financing. Further yet, risk control also breaks down into risk avoidance and risk reduction. PCW must try to implement these into their risk management program. PCW risk management program must review their park and find what risks would be avoidable. These risks would have a high frequency of occurence and high severity. If PCW thinks a particular ride proves to be in such a risk classification, they could simply remove or discontinue the attraction. For example, Victoria Falls High Diving could avoid risk by simply closing down the attraction. However, if risks are unable to be avoided, are low severity, but high frequency, reducing them is the next best strategy. For instance, there can be an assumption made that PCW gets frequent complaints from parents because their children were turned away from a ride that has certain height requirements. This type of risk can be reduced by posting height restriction signs in entrances of different attraction sights and at the locations of the rides.
Safety is our number one priority. Paramount Canada’s Wonderland reserves the right to make the final decision with regard to ride eligibility. Height restrictions are strictly enforced and all riders, including children accompanied by an adult, must meet established guidelines, as posted, to be allowed to ride.
In this case most patrons will either realize PCW’s policy and accept it or not return. Either case is not a severe risk. Risk financing is the other arrangement that could pay for losses that actually occur. Retention is PCW’s first step of risk financing. For instance, assuming refunds or money back guarantees is a PCW policy, patrons would be given this option in consequence of a bad experience. The last option to fall back on if none of the other alternatives work would be insurance. In the case of PCW transferring risk to the tick holder would be considered as type of insurance, where liability is passed to the patron. PCW could also implement the hold harmless agreement, which gives legal obligation to PCW to provide damages if they are proven negligent. Implementing The Decision
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By attaining employee safety, they would know that their work environment is safe, therefore, reducing anxiety or stress among the work force. With positive re-enforcement by staff employees to line employees a decrease in injuries and increase productivity will be the outcome. After considering alternatives, giving the underwriter the broker and PCW a copy of complines in report form should be completed. This will continue value-added and gain by understanding the grey areas in which they operate. Implementing certified training programs to all new employees will also reduce risk and liabilities.
