Bounce Back - Pacific Asia Travel Association Thailand Chapter

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Bounce Back - Pacific Asia Travel Association Thailand Chapter

Tourism destinations face a wide variety of risks. Some risks to tourism destinations

and businesses arise from events and circumstances beyond the control of

management and many arise from management failures.

It is an increasingly common practice for businesses to develop a risk and security

audit in order to understand the potential risks the business may be exposed to

and to develop contingency measures to deal with the risk event when they occur.

The auditing approach also gives management the option to source insurance

to cover the business from risk and to take protective measures and implement

alternative or backup procedures should a negative event occur.

Functions of Risk Management

Identify

Analyse

Plan

Track

Control

Communicate

Identify risks before they become realities.

Transform risk into decision-making information by evaluating

the probabilities, time-frames and potential impacts of each

risk and then classifying and prioritising them.

Use the decision making information to formulate plans and

contingency action plans for mitigating the potential impact of

each risk.

Monitor the effectiveness of those plans by reviewing risk data.

Correct deviations from the risk mitigation plans.

Provide internal and external information and feedback loops

to monitor changes in the risk environment.

6 Bounce Back

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