Risk Management Strategies in the Tourism Industry

The Role of Risk Management in the Tourism Industry

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City and State

Introduction

Tourism status globally makes it increasingly vulnerable to disloyal treatment of the diverse providers in the tourist industry and against the unpredicted events. Risks management in the tourism industry is as a result of compliance to of several multilateral, bilateral, regional, or international treaties concerning the protection of tourist demanders on the global markets. Risks management has become, and remains, a vital constituent of the way every business operates in the tourism industry. There are manifold prospects for risks to develop into disasters or disruption events, across this industry (Michael & Cioccio, 2008).

Security issues, natural catastrophes like cyclones and outbreaks of contagious diseases are examples of risks which might have a significant impact on this industry. Risk management planning…