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HOTL751 The Risk Management Process In Hospitality Sector

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HOTL751 The Risk Management Process In Hospitality Sector

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HOTL751 The Risk Management Process In Hospitality Sector

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Course Code: HOTL751
University: Centennial College

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Country: Canada

Question:

The assessment should be written in an Executive Report format and there are two main parts in the body of this assessment.
Part One: The notion of Risk
Using the theory found in the readings and the study guide, critically evaluate the concept of “Risk”. For instance, what is it? What is subject to risk? Why is it considered essential for a hospitality business to implement a risk management process?
Part Two: Venue Risk Analysis
This section requires you to demonstrate your understanding of how to practically apply a risk management process by conducting a risk assessment of a venue. It is suggested you use the venue that can be access to.
There are two critical components to this part:
A Risk Ranking System – this is the “how” risks will be assessed. This section requires you to describe and justify the RRS that you will use for your assessment.A Venue Risk Analysis (VRA) form – this the tool used to measure risk.

Answer:

Introduction
The risk management is a framework through identification, analysis and treatment and risk monitoring is possible. The process of risk management is applicable to single businesses or organization and community. The hospitality sector is community based and multi-agency processes. There are hospitality sectors which are involved with disaster management at local, regional and international levels. This must take into account the organizational risk processes for the different destination. Consultation and communication are two process bases (Dionne, 2013).
Part 1- The Notion of Risk
The hospitality industry is regarded as to the largest employers. It is projected that tourism sector will grow by 1.8 billion travelers at the end of 2030. There will be huge demand for the hotel accommodations. This is expected in international business and domestic business and also for the families who are traveling within Australia. The hospitality industry will regain one million visitors that were lost during the 2005 to 2012 economic downturn (Kousky and Kunreuther, 2018). The Australian tourism will plan to target the 65 million people globally who have the Australian roots. There has been a lot of increase in the competition and this has induced the hotels to provide different options and this is how they serve the customer preferences and budgets. The hospitality industry has been facing increased demand and opportunities. The electronic data management from domestic and international sources has a pure major emphasis on the enterprise resource management (Loncarski, 2016).
There must be an effective risk control management program. This plays a significant role in hospitality sector to provide for safest and secured environment to customers and employees. The process of risk rating starts with the assessment of mishaps and understanding risk that will have an overall impact on the business. The safety and health law requires conducting the risk assessments of workplace to reduce the harms of risks. This is achieved through the safety training, programs and policies. The effective risk management program must not only include the safety should include the different programs and measures through safety measures can be addressed and security of employees and customers is a major concern (Hofmann and Scordis, 2018).
Business continuity can help the hospitality sector to respond the unforeseeable events and disasters and cyber-attacks to deliver the customer experience which is critical to the competitiveness and well-being and reputation.  The hospitality sector undergoes the number of risks which have the potential downtime and company losses. This offers strategies and safety measures which addresses a number of hazards that are associated with hospitality sector. The companies need to hire the quality risk analyst for management of risks at different levels (Acharyya and Brady, 2014).
Property Risk Management
Property protection plays a vital role in the protection and prevention strategies which can address the building systems, electrical safety, water prevention and fire protection. This is also important to provide the comfort and guest experience.
Risk Management Process-

Establishment of a Problem
Identifying the risk areas
Risk Analysis
Risk Evaluation-Fourth Stage
Risk Review and Treatment adopted

Why Hospitality Sector Requires Risk Management Process?
The risk factors must be clearly understood and dealt. The company needs to understand the relation which it exists. The company professionals need to determine the relationship in which environment the risk is operating and boundaries foe effectively dealing with risk must be concise (Scordis et al., 2014). The strategic relevance is the environment within which a company is operating. In an organizational context, the core activities and the objectives and the company’s operations are assessed. The organizations need to analyze the consequence and likelihood of each risk factor and decide which risk factor will have the greatest effect? This must be in priority with how the risk is managed to the hospitality sector (Travis and Bates, 2014). The level of risk must be analyzed by combining the likelihood, consequences and determination of risk priority levels. Risk assessment involves comparison of different risk levels with the analysis procedures with established criteria of risk. The company needs to decide whether the risk can be accepted or rejected. On a given risk falls within the rejected or acceptable categories, it is essential to undergo the further treatment. In a scenario, where the risks do not fall within the acceptable or lower categories, the treatment options must be considered (Benson, Fritsch and Langstaff, 2016).
Risk treatment involves the identification of varied range of options for treatment of risks, evaluating the different options and preparing the organization for risk treatment plans. This includes the implementation of the plan. The hospitality sector needs to consider the treatment options, select the best and appropriate methodology for achieving the desired outcome. First priority must be accepting on the risk. The Second priority is on how to avoid the risk (Simeone, 2015). This requires for a specific organization to decide whether to proceed or nit to proceed with a given set of activities. The company can also select the alternate set of activities that can meet with the objectives of the organization. Reducing the risk factors is a third priority. This will provide the positive or negative impact within a given activity. Transfer of a risk generally occurs through the lease agreements, warning signs, waivers and others. Fourth priority is on the retaining risk factors. The hospitality sectors must understand risk treatment does not only include the risk elimination. The risk must be acknowledged as risk is an important element of an activity. The companies must consider the risk levels which are acceptable and inherent. Fifth priority is financing the risk elements, i.e. providing the funds for covering the costs of any risk treatment (Malhotra, 2015).
The economic recession has major impact on the hospitality sector as it has on other sectors, perhaps even more. Most of the businesses do not want to make a heavy expenditure of individuals and travel; this is possible by reducing the leisure and vacation activities. The economy must recover the leisure travel and business amounts. When a business receives an upsurge in travelers, it poses risks for lodging facilities that must be addressed.  Without having the reliable clientele base, the businesses will not be able to survive. A large amount of information about repeated customers must be secured (Roeschmann, 2014).
Part 2- Venue Risk Analysis
Venue risk analysis is an assessing process that evaluates the probabilities and outcomes of risk scenarios, if assessed. The outcomes pertaining to risk evaluation technique has been to give relevance significance to risk and formulating risk ranking scale. Risk ranking system ranks risk with respect to the criticality or significance which offers insight on a given project undertaken by the company. The organization may be in need of the resources for effectively managing or risk mitigation or realization of high consequence risk projects (Gmehling and La Mura, 2016). 
Risk Ranking System
The impact of each risk in a project must be assessed. This project study covers the how hospitality risk can impact the schedule, cost or technical performance roles and responsibilities. The Impacts are not limited within set criteria; there can be existence of economic or political outcome that must be considered. The probability associated with every riskier project must be evaluated. This often utilizes the subjective probability techniques particularly the circumstance that can preclude the probability evaluation through objective methods. These include- simulation, engineering analysis and modeling. The hospitality sector needs to identify the risk dependencies, risk evaluation and interdependencies and potential effect timeframe. When risk is evaluated, the assessment impact must be streamlined with the decision architecture. For program and risk evaluation, risk must be typically assessed against the set targets, schedule and cost. This often includes the political impacts and compliance systems. The hospitality sector needs to identify the rating scales for performing the multi-criteria evaluation. The risk rating scales combine the elements to measure the risk outcomes. The risk rating scales provide the consistent methods for determining the risk impacts across the different schedules, performance, cost and different criteria’s which are associated with a given project (van Dijk, Kappen and van Wijck, 2008). 
Risk matric evaluation tools can be of great help for the valuation of risks pertaining to a specific program.  The POET-Political, operational, economic, and technical or SWOT analysis (Strengths, weakness, opportunities or Threats) risk evaluation techniques can help in the determination of risk drivers. The risk rating tools can enable the comprehensive enterprise risk assessment (Sourouri, Myklebust and Olsson, 2011).
For few projects, the risk impacts on an organization roles and responsibilities require management of enterprise. Risks are required to be assessed against the positive or negative impact of enterprise objectives. An enterprise needs to use the different risk management tools through which risk determination is possible. The consistence must be with the performed assessment and evaluation must be done at the enterprise level. This is dependent on the criticality of an enterprise variable. For instance- the risk associated with commercial communications for the support of a military operations, the impact of the organization to the success objective and risk of utilizing the communications for military equipment transportation. The risks must be viewed at the given organizational level irrespective of solution sets being similar or dissimilar (Mooney et al., 2005). 
The management needs to plan for commencing a business in an enterprise and this can be achieved through the capability creation. This is also achievable through the technology programs portfolio and set of initiatives that must be undertaken for synchronizing the vision or mission. The hospitality sector must be able to deliver the time phased production capability. A proficiency portfolio is a dynamic platform for delivering the capabilities across the different domains. The proficiency can be defined as the capability to achieve the different standards under given conditions by using the different combination probability techniques and performance of a given task. With the primer of capability management, the enterprise needs to evaluate the risk at different functional levels and responsibilities may provide the potential significant impact on the achievement of multiple capabilities. 
One of the key aspects in a related environment of an enterprise is portfolio management. This includes the set of investment which are required to be administered based on the timing, tolerance, risk, or price interdependencies, budget. There are several factors which are generally applicable to the acquisition environment. In the risk assessment of portfolio, alternatives analysis, investment decision, different categories of risk scales are considered appropriate for ensuring each alternative or course of action must consider the different risk areas. The different risk variables must include the funding, advocacy, cost estimate, schedule, confidence, technical ability to meet with the objectives if performance. Risk rating scales are determined for every risk area and every alternative is evaluated against the different categories. Risk evaluation must include the different elements- Vulnerabilities and threat. For the purpose of cost-risk evaluation, the determination of uncertainty variables is risk evaluation. The enterprise needs to determine the appropriate risk evaluation method, information requirement is crucial at different stages. 
Risk prioritization is another step wherein all the different risk events are identified. The enterprise needs to assess the impact, the occurrence probability must be processed and derivation of maximum to the least critical ranking of identifying risks is possible. The major purpose behind the priority of risks is to form the root for allocation of resources. There are multiple quantitative and qualitative tools which are developed for the risk prioritization and impact assessment. Qualitative tools include the probability analysis and impact, development of probability as well as impact matrix, frequency rating and risk categorization and risk assessment. Quantitative tools include the ranking of cardinal risk assessment of a given project outcome, simulation, modeling and probability timeframe. The hospitality sector must have an awareness of the heavily weighting min or max value. The expert judgment are involved with a given technique and identification of a potential impact, definition of a input and interpretation of data (Brito and de Almeida, 2009).     
When the risk is assessed, a set criteria must be attached to a given enterprise project or decision. The assessment of risks involves recommending techniques that can perform the analysis. For instance-The project undertaken can be enterprise management and the risk variables must be assessed with relevance to cost, performance, and schedule. When an evaluation has been undertaken, the risk of the portfolio investment plan involves the risk scale approach (Hüllermeier and Furnkranz, 2010). Documentation of risk rationale for the evaluation of probability and impact is must. The enterprise must assess the rationale behind the risk impact on occurrence probability and rating techniques. In a scenario, where the environment or conditions are subject to change, the evaluation must be revisited. When hospitality sector utilizes the risk assessment scale, the risk statement is captured within a given rationale (Vaurio, 2011).
Risk evaluation within an enterprise management involves the responsibilities of system engineering. These are specific programs or projects undertaken with great complexity and dependence on external variables. The overall assessment involves the internal and external variables and set of technologies. The enterprise needs to address the risk through the complete life cycle of a project. This requires satisfaction with the theoretical framework, developmental risks, design and training risks, environmental risks and fielding.
Adapting with the prioritization approach or project with relevance to decision making is crucial for enterprise. Association with techniques, prioritizing algorithms and tools with the assessment need is crucial. These are also important with respect to the time factor, this is a single risk factor which views the capability at risk and has multiple impacts. Every risk area- operations, threats and others will comprise of the different priorities. There are major threat risk variable which is completely unacceptable and requires a lot of effort. In a scenario, where the threat risk is acceptable, the operations cannot be performed. The enterprise needs to take the decisions carefully and government must assess the mitigating risk priorities.
The Importance of Risk Rating Scales
Risk rating scales are considered appropriate for the purpose of assessment and risk prioritization. The hospitality sectors just have the well tested tools and supporting team that encourage the hi-tech risk management program. The enterprise may also consider the Monte Carlo Simulations. These are probability distributions that can evaluate the likelihood of occurrence of a given outcome like completion date or cost. These tools have been effectively used on various projects and help the supporting teams for evaluating the scheduling risk. The hospitality sector must look for competitive advantage and business resilience. The hospitality organizations must focus on responding to crisis management and different situations. Different risk strategies must be formulated while assessing the present conditions. Changes in the preferences of customer, business seasonality, competition are some of the variables of the hospitality industry. The employers must be ensured of their health and welfare.
Conclusion
The practical process behind risk management and ranking scales must categorize the hazards into different manageable numbers. These categories require the different choices to have certain implications for the implication of risk ranking. The hospitality organizations shall begin defining the categories with respect to environmental loadings and initiating events. The different categories must be modified with respect to different considerations. Riskier projects can gain benefit through consideration of many alternative counter-strategies and drawing the conclusions from different elements and development of risk categorization. Conducting multiple risk exercises is useful for the enterprise. The independent risk rankings can add significant value to demonstrate the decision making and risk management process. Rating scale systems can minimize the inconsistencies and evaluate the correlations existing between the different enterprise methods.
References
Acharyya, M. and Brady, C. (2014). Designing an Enterprise Risk Management Curriculum for Business Studies: Insights From a Pilot Program. Risk Management and Insurance Review, 17(1), pp.113-136.
Benson, D., Fritsch, O. and Langstaff, L. (2016). Local flood risk management strategies in England: patterns of application. Journal of Flood Risk Management, 11, pp.S827-S837.
Brito, A. and de Almeida, A. (2009). Multi-attribute risk assessment for risk ranking of natural gas pipelines. Reliability Engineering & System Safety, 94(2), pp.187-198.
Dionne, G. (2013). Risk Management: History, Definition, and Critique. Risk Management and Insurance Review, 16(2), pp.147-166.
Gmehling, P. and La Mura, P. (2016). A Bayesian inference model for the credit rating scale. The Journal of Risk Finance, 17(4), pp.390-404.
Hofmann, A. and Scordis, N. (2018). Challenges in Applying Risk Management Concepts in Practice: A Perspective. Risk Management and Insurance Review, 21(2), pp.309-333.
Hullermeier, E. and Fürnkranz, J. (2010). On predictive accuracy and risk minimization in pairwise label ranking. Journal of Computer and System Sciences, 76(1), pp.49-62.
Kousky, C. and Kunreuther, H. (2018). Risk Management Roles of the Public and Private Sector. Risk Management and Insurance Review, 21(1), pp.181-204.
Loncarski, I. (2016). Risk Management (2016). Risk Management, 18(1), pp.1-3.
Malhotra, Y. (2015). Toward Integrated Enterprise Risk Management, Model Risk Management & Cyber-Finance Risk Management: Bridging Networks, Systems and Controls Frameworks. SSRN Electronic Journal.
Mooney, P., Epstein, M., Ryser, G. and Pierce, C. (2005). Reliability and Validity of the Behavioral and Emotional Rating Scale-Second Edition: Parent Rating Scale. Children & Schools, 27(3), pp.147-155.
Roeschmann, A. (2014). Risk Culture: What It Is and How It Affects an Insurer’s Risk Management. Risk Management and Insurance Review, 17(2), pp.277-296.
Scordis, N., Suzawa, Y., Zwick, A. and Ruckner, L. (2014). Principles for Sustainable Insurance: Risk Management and Value. Risk Management and Insurance Review, 17(2), pp.265-276.
Simeone, C. (2015). Business resilience: Reframing healthcare risk management. Journal of Healthcare Risk Management, 35(2), pp.31-37.
Sourouri, S., Myklebust, L. and Olsson, I. (2011). The applicability of ‘Outcome Rating-Scale’ and ‘Session Rating-Scale’ in an outpatient hospital setting. Psychiatrische Praxis, 38(S 01).
Travis, W. and Bates, B. (2014). What is climate risk management?. Climate Risk Management, 1, pp.1-4.
van Dijk, J., Kappen, T. and van Wijck, A. (2008). The Relation Between Numeric Rating Scale and Verbal Rating Scale. Regional Anesthesia and Pain Medicine, 33(Sup 1), p.e157.
Vaurio, J. (2011). Importance measures in risk-informed decision making: Ranking, optimisation and configuration control. Reliability Engineering & System Safety, 96(11), pp.1426-1436.

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