Lesson-2-Risk-Management-Applicable-to-the-Industry-of-tourism-Autosaved1

Risk Management

The process of identifying, assessing, and prioritizing risks in order to minimize their impact on a business or industry.

Guidelines

A set of instructions or principles to follow in order to manage risk effectively.

Identification of Risk

The process of recognizing and understanding potential risks that could affect a business or industry.

Nature of Impending Risk

The characteristics and attributes of a risk that is likely to occur in the near future.

Collaboration with Stakeholders

Working together with individuals or groups who have an interest or involvement in the tourism sector to manage risks effectively.

Crisis Communication

Transparent and honest communication during a crisis to provide information and updates to stakeholders.

Repositioning of the Business

The process of adapting and adjusting a business strategy after a crisis to regain stability and success.

Natural Hazard

An extreme event that occurs naturally and poses a threat to humans or the environment.

Civil or Political Hazard

Risks associated with political decisions or civil unrest that can impact the tourism industry.

Technological Hazard

Risks arising from the negative impact of technology on the tourism industry.

Biological Hazard

Risks posed by organisms or substances produced by organisms that can harm human health.

Terrorist Attack

Unlawful use of force or violence to intimidate or coerce a government or its citizens for political or social objectives.

Trade Barriers

Regulations or policies that restrict international trade, such as tariffs.

Tariff

Taxes imposed on imported or exported goods.

Legislation

The process of creating and implementing laws and regulations.

Administration

The ability to manage and govern effectively, including political will and efficient service delivery.

Political Instability

Unstable political conditions that can significantly impact the tourism industry.

Inherent Risk

The exposure to a specific risk before any action is taken to mitigate it.

Residual Risk

The exposure to a specific risk after actions have been taken to mitigate it.

Risk Management Plan

A comprehensive plan that outlines strategies and actions to manage and mitigate risks in the tourism industry.

Preventive Strategy

Strategies designed to reduce the likelihood of a risk occurring before it becomes a reality.

Contingency Strategy

Strategies designed to address risks at the time of their occurrence.

Enablers

Factors or conditions that contribute to the occurrence or impact of a risk.

Potential Consequences

The possible outcomes or effects of a risk event.

Criteria for Risk Treatment

Standards or guidelines used to determine the necessity and acceptability of risk management actions.

Combination of Risks

The interaction and consideration of both negative and positive risks in risk management.1. Risk Avoidance:Refers to completely eliminating risk by avoiding activities with potential risk.

Risk Reduction

Refers to reducing the level of risk through precautionary measures, risk controls, or treatments.

Observance of safety standards

Following established safety guidelines and regulations.

Use of safety devices

Utilizing equipment or devices designed to enhance safety.

Qualification requirements

Meeting specific criteria or qualifications to ensure safety and competence.

Determination and creation of risk management plan

Developing a plan to identify, assess, and manage risks.

Fire code

Government regulations related to fire safety.

Sanitation

Regulations and practices related to maintaining cleanliness and hygiene.

Stakeholders

Individuals or groups who can affect or be affected by the strategy or project of an organization.

Collaboration with stakeholders

Working together with stakeholders to address risks and achieve common goals.

Safety and security

Addressing the significant aspects of risk management related to safety and security.

Training for staff

Providing education and instruction to employees to ensure preparedness and proper response.

Safety drill

Practicing emergency procedures and protocols.

Lockdown drill

Preparing for potential intruders or criminal acts.

Earthquake drill

Conducting drills to prepare for earthquakes.

First Aid

Providing basic medical assistance in emergency situations.

Icelandic Tourist Board

An organization that provides safety guidelines for travel agencies and tour operators.1. Overland tours:Tours that take place on land, typically involving travel by vehicle or foot.

Excursion

A short trip or outing, usually for leisure or educational purposes.

Risk management process

The systematic approach to identifying, assessing, and mitigating risks in order to minimize potential harm or damage.

Risk analysis

The study of how different errors or factors can lead to accidents or dangers, with the goal of identifying and reducing risks.

Business intelligence

The gathering of information to predict developments in the business environment and reduce uncertainty in decision-making.

Crisis communication

The transparent and honest exchange of information during a crisis to address the needs of stakeholders and limit negative impacts.

Crisis management

The actions and strategies implemented to effectively respond to and navigate a crisis situation.

Stabilize wave

The phase in a crisis response where businesses are learning to operate in the "new normal" and taking tactical steps to preserve business value.

Six key areas of crisis response

Crisis management, workforce, supply chain, tax and trade, finance and liquidity, and strategy and brand.

Mobilize wave

The initial phase in a crisis response where businesses establish crisis command centers and ensure the safety and security of their workers.1. Risk management:The process of identifying, assessing, and prioritizing potential risks in order to minimize their impact on an organization or industry.

Tourism and travel

The activities of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes.

Crisis

An unexpected and potentially dangerous situation that requires immediate action to mitigate its negative effects.

Research programs

Systematic investigations conducted to gain knowledge and understanding of a specific topic or area of interest.

Hospitality management

The administration of services and facilities in the hospitality industry, including hotels, restaurants, and other establishments that cater to guests.

References

Citations or sources used to support and provide evidence for information presented in a document or research study.