Tourism Risk Management Flashcards

Flashcards about risk management in tourism

What is risk management?

A systematic approach to managing financial, operational, strategic, or reputational risks. It helps identify, assess, and mitigate potential risks that harm people, assets, or the environment.

What is a hazard?

A source of danger.

Explain the difference between Risk and Hazard.

A hazard is something that can cause harm, while risk is the chance that a hazard will cause harm to somebody.

What are internal risks?

Risks that come from inside the organization and can be controlled or fixed, like employee mistakes or bad management.

What are external risks?

Risks that come from outside the organization and cannot be controlled, like changes in the economy or natural disasters.

Why is risk management important?

It helps prevent and reduce losses in different areas of a business or organization, ensuring things go smoothly and plans are in place to handle problems.

What is crisis management?

How an organization handles problems or crises that come up, including the processes they follow internally.

What is disaster management?

Working with other organizations and agencies to handle larger-scale emergencies or natural disasters.

List the steps in risk management.

Identify, analyze, evaluate, treat, monitor, and review risks.

Name principles of effective risk management

Integrated, structured and comprehensive, customized, inclusive, dynamic, based on best available information, considers human and cultural factors, and continually improves.

What are the types of business risks?

Financial risk, operational risk, and cybersecurity risk.

What are the types of operational disruption risks in tourism?

Safety & security, health, environmental, economic and reputational risks.

What are the categories of operational disruption?

People, premises, processes, and products.

Name the responses to risks.

Risk avoidance, risk reduction, risk sharing, risk transfer, and risk acceptance and retention.

Explain the PDCA cycle for risk management.

Plan (set goals, identify risks), Do (implement the plan), Check (evaluate effectiveness), Act (improve strategy based on evaluation).

What are the steps in the risk management process?

Risk identification, risk assessment, risk prioritization, risk mitigation, and risk monitoring.

What are legal considerations in hygiene, food safety, and sanitation?

Following laws and rules related to health and sanitation codes, employee hygiene regulations, occupational health and safety laws, and environmental regulations.

What are ethical considerations in hygiene, food safety, and sanitation?

Protecting public health, transparency with guests, and fair and safe staff treatment.

What is HACCP?

Hazard Analysis Critical Control Points: a food safety system that analyzes, controls, and monitors hazards during food production.