For the teams competing in Formula One™, risk management comes in various guises; from ensuring the health and safety of drivers, team personnel and staff, to managing the commercial risks of one of the world’s most expensive sports. Add to that the operational risks associated with transporting cars, equipment and personnel to 20 destinations around the globe.

A sport that witnessed 47 drivers killed between 1950 and 1994 has shown what can be achieved when a business culture is reprioritised towards safety-first. Under the leadership of the sport’s governing body, the FIA, the teams achieved a paradigm shift, recording zero driver fatalities in the 18 years since Ayrton Senna and Roland Ratzenberger died during the 1994 San Marino Grand Prix weekend. So profound has been the

 

lessons learned in F1, that they have been widely applied to road safety programmes, including the European Union’s NCAP safety certification initiative.

Commercial risk in Formula One is managed through teams securing a portfolio of sponsor-customers and responding quickly to changing circumstances such as the legislative ban on tobacco sponsorship or the effects of the world-wide financial crisis.

Operationally the teams take a belt-and-braces approach to ensuring that they have the capability to compete in all 20 Grands Prix. This means being ready to race irrespective of whether cars have been destroyed in practice accidents, key personnel falling ill or urgent freight shipments being required to update the cars with the latest developments fresh from their factories.

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Please contact Mark Gallagher to find out more and to discuss your business speaker requirements.