Achieving Risk Management and Change in Hospitality Industry

The business environment of today is more volatile and risk prone as a result of globalisation then it was ever before. Investments in the hospitality industry in general and hotels in particular are also subject to a variety of risks which can be both strategic as well as operational in nature. Revenues generated from tourism are important contributors to local or national economies and events which can turn away the tourist or the clients of the hospitality industry have to be planned for and guarded against. Whilst, it is important to identify risks, it is equally important to manage risks when they have been identified. The methodologies for the management of risk in the hospitality industry may be broadly classified as being organisational and financial in nature. This brief essay attempts to take a look at the methodologies for managing risk in the hospitality industry.