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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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