Risk Management Practice in the Tourism and Hospitality Industry

Proceedings of The 6th International Conference on Management, Economics and Finance

Year: 2023



Risk Management Practice in the Tourism and Hospitality Industry

Vasileios Baratsas, Panagiotis Tzavaras




Risk and risk factors is a contemporary issue in business research. The detection of its provenance and the process of management, through a portfolio of tools, is an important element in the operation of tourism and hospitality-related enterprises. Factors human-oriented or nature-oriented impose crises that get converted into fiscal risk for the business as financial risks that exist through operation and business-related sources. Literature review of luxury hotels with 4 and 5-star ratings and the tourism industry, as rich pools of data availability, has been deployed in a variety of destinations. Key strategies to alleviate or mitigate the risk entail financial and non-financial tools that have been recorded. Findings from the research imply that common risks exist for the tourism and hospitality industry even for distant destinations. The majority of non-European and non-American destinations do have already risk management research and business are more aware of risk, risk management, and risk management techniques implementation than some destinations in Europe. Common models of risk alleviation are being to be used in different frameworks and alleviate risk.

keywords: Hotel, Crisis, Risk management techniques, Risk Factors, Luxury hotels