Risk Management in the Australian Tourism and Hospitality Industry

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Risk Management in the Australian Tourism and Hospitality Industry

1.0 Introduction
Risk management is crucial to the whole organization and industry sectors which are
intent on ensuring that they achieve their set objectives and business targets. The tourism,
hospitality and events industry are industries in which the significance of risk management
cannot be understated given the value that the industries portend to both the economic and social
setting of Australia and even the International tourism community. The process of risk
management in the Australian Tourism, hospitality and events industries is a wholesome process
that comprises of different actions by the organizations and bodies mandated to perform this
important function (Allen, et al., 2012). Firstly, risk management in the context of the tourism,
hospitality and events industries entails the process of risk identification. Risk identification is a
critical step in risk management and involves the identification of the various types of risks that
are likely to affect the tourism and hospitality industries (Haimes, 2015). The risks associated to
the tourism and hospitality industries are then assessed according to their impacts on the
industries, this involves the assessment of the consequences that the risks may impact on the
industries in terms of cost, social impact, technical impact, legal impact and even operational
impact (Glaesser, 2006). Furthermore, the identified risks are then ranked according to their
likelihood of occurrence through risk prioritization analysis. The subsequent steps in the process
of risk management involve the measures to ensure that the risks are tracked and mitigating
measures are instituted in response in the event of any eventualities.

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ASSESSMENT DETAILS

Managing Risk in Tourism, Events and Hospitality

Assignment 1: ANALYTICAL ESSAY
Weight:  30%
Word limit: 2000 words (+/- 10%)
Task Description:
You are required to write an analytical essay which identifies and analyses the significant legal, ethical
and sustainability dimensions of risk management. Please be aware that the context of this course is
tourism, hospitality and events; as such your essay should explore the three dimensions of risk
management in this particular context.
A suggested structure is as follows:
1) Title Page
2) Introduction (Approx. 250 words)
3) Legal Dimension of Risk Management (Explain the importance of the legal issues of risk
management) (Approx. 500 words)
4) Ethical Dimension of Risk Management (Explain the importance of the ethical issues of risk
management) (Approx. 500 words)
5) Sustainability Dimension of Risk Management (Explain the importance of the sustainability issues
of risk management) (Approx. 500 words)
6) Conclusion (Conclude by summarising the key points in the discussion and finalise the essay)
(Approx. 150 words)
7) List of References (Include only references that appear in the essay. Ensure that you have based
your essay on a variety of credible sources. To demonstrate your breadth of research and scholarship,
include at least 15 references from different sources.)
PRESENTATION:
As a compulsory activity of this assessment item, you are required to present the key points of your
analytical essay during the workshop on week 6. You have to prepare a short presentation (5 minutes, no
Powerpoint slides) with the key points and examples used in your essay. Students will present within
small groups during the workshop.
IMPORTANT INFORMATION:
A. Structuring your Assignment
1. Title Page
The title page should include at least:
– The title of the assignment
– Your name and student number
– The word count (excluding title page and list of references)
2. Introduction
This section should outline the main argument and points which are developed in the essay.
It should include at least:
– Background information on the topic of risk management
– Main purpose of the essay
– Overall point of view discussed
– Overview of components to be discussed (structure)

3. Legal Dimension of Risk Management
This section should:
– Explain why risk management has a legal dimension (what are the legal aspects that need to be
considered in risk management? Why are these important?)
– Identify and discuss some specific legal issues which impact on risk management while using one
real case example that shows the importance and implications of such issues.

4. Ethical Dimension of Risk Management
This section should:
– Explain why risk management has an ethical dimension (what are the ethical aspects that need to
be considered in risk management? Why are these important?)
– Identify and discuss some specific ethical issues which impact on risk management while using
one real case example that shows the importance and implications of such issues.
5. Sustainability Dimension of Risk Management
This section should:
– Explain why risk management has a sustainable dimension (what are the sustainability aspects
that need to be considered in risk management? Why are these important?).
– Identify and discuss some specific sustainability issues which impact on risk management while
using one real case example that shows the importance and implications of such issues.
6. Conclusion
This section should summarize the key points of your discussion and restate the main point of
view.
7. List of References
This section should include all the references used in the essay. A minimum of 15 references is required.
Most references included should be academic.
Citation and referencing should conform to the APA (American Psychological Association) format both
within the plan and the reference list.
B. Preparing your submission
Assignments are to be submitted electronically.
Please submit your assignment in the following format:
Font: Arial or Times New Roman
Font Size: 12
Spacing: 1.5

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Risk Management in the Australian Tourism and Hospitality Industry

1.0 Introduction
Risk management is crucial to the whole organization and industry sectors which are
intent on ensuring that they achieve their set objectives and business targets. The tourism,
hospitality and events industry are industries in which the significance of risk management
cannot be understated given the value that the industries portend to both the economic and social
setting of Australia and even the International tourism community. The process of risk
management in the Australian Tourism, hospitality and events industries is a wholesome process
that comprises of different actions by the organizations and bodies mandated to perform this
important function (Allen, et al., 2012). Firstly, risk management in the context of the tourism,
hospitality and events industries entails the process of risk identification. Risk identification is a
critical step in risk management and involves the identification of the various types of risks that
are likely to affect the tourism and hospitality industries (Haimes, 2015). The risks associated to
the tourism and hospitality industries are then assessed according to their impacts on the
industries, this involves the assessment of the consequences that the risks may impact on the
industries in terms of cost, social impact, technical impact, legal impact and even operational
impact (Glaesser, 2006). Furthermore, the identified risks are then ranked according to their
likelihood of occurrence through risk prioritization analysis. The subsequent steps in the process
of risk management involve the measures to ensure that the risks are tracked and mitigating
measures are instituted in response in the event of any eventualities…………

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