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Hospitality Industry Risk Management Paper

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Management

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Research Paper

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Introduction

With continuous world uncertainties, there is risk associated in every field including hospitality,

banking and insurance. To mitigate risk, the need for risk management has become essential in

every field of study leading to a proper framework on how to mitigate risk. As per the definition,

risk is the probability or the threat occurrence caused by the external or internal forces but can be

voided through a preemptive action. As a result, risk management starts with its identification

and evaluation which is then followed by the optimal use of available resources to help monitor

and minimize the same (Gibbs and Browman, 2015).

For over several decades, risk management tool has been used in many disciple fields to help

overcome the ubiquitous uncertainties. For instance, in the hospitality industry, there is a

possibility that due to risk associated with the industry; the presence of certain hazard in the food

and hotels, and healthcare provision has a magnitude effect on the performance of the industry.

As a result this paper will evaluate the concept of risk and its importance with a practical

application to its assessment and the tools available to mitigate the same. The paper is organized

in three parts; part one show the way theories are used to define risk and risk management and its

importance, the second part provides the practical application of the risk management assessment

in the hospitality business, and the last part provides an overview of the assessment tools and

their procedural mitigation to the risk occurrence.

Risk Management

Risk management attempts to mitigate the uncertainty that influences the main objectives of the

organization. The main organization that the study will evaluate is the hospitality industry, more

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preference given to the hospitality industry. Risk management attempts to identify risks and the

right mitigation tools that will help to diminish the impending effects to the hospitality industry

(Gibbs and Browman, 2015). Hospitality industry is unlike other industries when it comes to

products it produces. For instance, in Africa the impact of Ebola on the tourism sector and the

xenophobic attacks in South Africa has led to a decline in economic growth thus having a

potential negative effect on the hospitality industry. Most of the factors are far beyond the

control of the hospital business owners. However, due to their potential negative threat to the

business, it is always prudence to find the best mitigation tools to help minimize such risks.

Risk and Hazard control Process

Safety and occupational health is one of the essential aspects of human concern. It helps one to

adapt to the working environment of workers thus promotes highest degree of mental, social, and

physical wellbeing of workers. Hospitality workers are prone to different hazards which include

glassware and broken glass, cuts and burns while making food, lifting heavy objects like sacks,

and sexual harassment and threats. The best way to control such hazardous occurrences is by

encouraging hotel workers to use non slip foot wares, post warning signs to places which are

slippery in nature. Working who are making meals is also prone to knife cuts, thus as a result,

should wear resistance equipments such as cut resistant cloves to prevent the hazards. To assess

the risk associated with hazard, there should be a model known as risk Matrix which shows the

evaluation level for the probability level of the hazards related to the potential failures as shown

in the figure below;

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Introduction With continuous world uncertainties, there is risk associated in every field including hospitality, banking and insurance. To mitigate risk, the need for risk management has become essential in every field of study leading to a proper framework on how to mitigate risk. As per the definition, risk is the probability or the threat occurrence caused by the external or internal forces but can be voided through a preemptive action. As a result, risk management starts with its identification and evaluation which is then followed by the optimal use of available resources to help monitor and minimize the same (Gibbs and Browman, 2015). For over several decades, risk management tool has been used in many disciple fields to help overcome the ubiquitous uncertainties. For instance, in the hospitality industry, there is a possibility that due to risk associated with the industry; the presence of certain hazard in the food and hotels, and healthcare provision has a magnitude effect on the performance of the industry. As a result this paper will evaluate the concept of risk and its importance with a practical application to its assessment and the tools available to mitigate the same. The paper is organized in three parts; part one show the way theories are used to define risk and risk management and its importance, the second part provides the practical application of the risk management assessment in the hospitality business, and the last part provides an overview of the asse ...
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Tags: risk management hospitality hospitality industry Risk Assessment MANAGEMENT TOOLS