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Risk Management

Tourism businesses are faced with a wide range of risks in their daily operation. The ability of a business to effectively respond to crises and risk occurrences can determine if a business survives after a crisis. Business managers should regularly review their risk management process to ensure strategies are relevant and up to date.Read more
Tourism businesses are faced with a wide range of risks in their daily operation. The ability of a business to effectively respond to crises and risk occurrences can determine if a business survives after a crisis. Business managers should regularly review their risk management process to ensure strategies are relevant and up to date. The risk management process should:

 

  • Be based on a comprehensive Risk Management Plan, developed as part of the strategic planning for the business. This plan should incorporate strategies for preventing / mitigating identified risks, having processes and plans in place for potential risk occurrences, identifying processes for responding to crises when they occur and identifying actions for recovery following a crises;
  • Monitor existing risks and identify new risks as they arise in order to evaluate risk mitigation and treatment options;
  • Business Operation Tip

    Businesses that plan, prepare and manage risk can recover up to twice as quickly as those that do not.

  • Regularly test the risk management plan processes including crisis management exercises with key personnel;
  • Evaluate the success of the risk management plan and processes following the occurrence of an adverse incident or crises;
  • Ensure alignment with the risk management processes of the region or destination; as demonstrated by the establishment of the Grampians Regional Tourism Recovery Group which is made up of government representatives and industry operators;
  • Develop key performance indicators or targets as part of the risk management plan as a basis on which to evaluate the success of a businesses’ management of a crises;
  • Establish clear processes for monitoring, reviewing and evaluating the risk management process, including key responsibilities and timing.

For further information on risk management and the development of a Risk Management Plan for a business please visit the section on Risk Management Plan’.


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