Risk and risk management disclosures: evidence from hotels in Goa

Waikar, Vilas G.; Desai, Purva Hegde; Borde, Nilesh

doi:10.1504/ijqrs.2015.076913

Cited by 5 publications

(6 citation statements)

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“…The maximum disclosures were from commercial/finance and strategic area. Existing risk inventory was enriched to 72 risks by Waikar et al (2015). Subjectivity is one of the limitation of content analysis.…”

Section: Methodsmentioning

confidence: 99%

Hotel’s grid group structure and risk management practices

Waikar

Desai

Borde

2016

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Purpose Risk management is an emerging research area in tourism and hospitality. This paper classifies hotels based on grid (control) and group (inter dependencies) structure given by the cultural theory of risk. This paper aims to understand whether hotels grouped as per grid group structure differ on risk coping strategies such as mitigation, absorption and transfer for various hospitality risks. Design/methodology/approach Primary data are collected from 112 senior managers of luxury hotels using structured questionnaire aimed to capture the grid group aspect and risk management practices. Using factor scores, hotels are grouped. One-way analysis of variance is performed on these data to ascertain whether risk management practices of various types of hotels differ. Findings Results provide new insights into hotels grid group aspect and risk-related behaviour, revealing that hotels significantly differ on risk coping and confirming that the structure of hotel – the grid and group – does impact its risk management practices. Research limitations/implications The study adds to the extant literature. For the first time, the grid group structure of hotel is proposed to impact the risk coping. Second, the risk perception study is conducted at firm level and not at individual level as done in past. Third, the paper looks at all three risk management practices and not in isolation, thus taking the risk research dialogue further. The study has not considered non-luxury hotels. Second limitation is a small sample of 112 hotels. Practical implications The study opens up a new perspective on hotel risk management. The researchers will benefit from the newer, theoretical understanding of firm-level complex structure of risk. The hotels risk professionals can benefit from understanding grid group structure and risk coping practices. Originality/value The novel approach of grid group classification of hotels is developed. Risk management practices are studied across hotel types for various risks. Study enhances the understanding of risk and grid group structure with regard to managing hospitality risk.

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Section: Methodsmentioning

confidence: 99%

Hotel’s grid group structure and risk management practices

Waikar

Desai

Borde

2016

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“…Resorts and hotels do have business related risks (Vij,2019). Among the risks a usual enterprise we can discern is competition (Waikar et al, 2015). Competition is a de facto common risk in tourism and hospitality due to its nature (Donbak, 2022).…”

Section: 25business Related Risksmentioning

confidence: 99%

“… the hiring of a CRO (Chief risk officer) as a mitigation technique for companies with more fiscal leverage as the application of an ERM system (Razali at al.,2011),  An already prepared plan for a potential risk could help to prevent or alleviate that specific risk (Hanna Salman Sawalha et al2013)  multi-level collaboration between hotels and suppliers to avoid any upcoming implications of unexpected events such as covid-19 (Abou Kamar, 2022),  guidelines that adapt in each crisis to alleviate the risks, hotel chain assistance, personnel and team value ethics with brainstorming about ideas, external consultancy agencies, in house made protocols and personnel creativity and independence from supervisors (Diker et al, 2022;Waikar et al, 2015),  through his research in Turkey, states that a human resource risk management plan should be created and evaluated for businesses to demeanor fiscal risks (Ari, 2022).…”

Section: Strategies Do Supportmentioning

confidence: 99%

“…state that seasonality is a major factor of tourist destinations as it is stated by Franzoni & Pelizzari (2019) from their research providing the data that the rainfall as example is an applicable risk in many areas affecting negatively or positively the hotel bookings.4.2.2.Terrorism and political instability risk factorsMikulic et al (2018), state that for Croatia (the experience to be a tourist there) terrorism is a major risk. Further studies from Donbak (2022),Waikar et al (2015) and Hanna Salman Sawalha et al (2013) do confirm that terrorism and political instability are the major risks to the financial growth of hotels in an area.…”

mentioning

confidence: 95%

“…Weather, climate and the environment are crucial financial risk factors to the hospitality industry(Franzoni & Pelizzari (2019). In their paper Mikulic et al (2018), do also give attention that natural conditions are the major risks from a list that need to be taken into account because they are most likely to happen Waikar et al (2015). state that seasonality is a major factor of tourist destinations as it is stated by Franzoni & Pelizzari (2019) from their research providing the data that the rainfall as example is an applicable risk in many areas affecting negatively or positively the hotel bookings.4.2.2.Terrorism and political instability risk factorsMikulic et al (2018), state that for Croatia (the experience to be a tourist there) terrorism is a major risk.…”

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confidence: 99%

See 2 more Smart Citations

Risk Management Practice in the Tourism and Hospitality Industry

Baratsas,

Tzavaras

2023

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

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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 humanoriented 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. This research, through a literature review of published articles in well known journals, analyzes the risk factors, risk management and risk management practices used in tourism and hospitality industry. The analysis enclosures case studies from highly touristic areas in the Middle east, Balkans, Europe and Asia. All these areas have during high season same climatic and weather conditions, same financial and non financial risks for the assessment periods of the research and high sensitivity to world wide phenomena. Key strategies to alleviate or mitigate the risk entail financial and non-financial tools that have been recorded through the literature review. These strategies include important strategies like fiscal, business, organizational and other less important but crucial to business survival. 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.

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Emergency Planning and Disaster Recovery Management Model in Hospitality—Plan-Do-Check-Act Cycle Approach

2023

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This study aims to present the impact of disasters, such as the COVID-19 pandemic, on the possibility of recovering from and mitigating such impacts. The paper proposes a new emergency planning and disaster recovery management model (EPDRM) which links the ISO 31000:2018 (Risk Management) requirements with the process approach. The model was validated through its application to ISO-certified and ISO-non-certified hotels. The analysis was performed by using an online questionnaire based on the ISO 31000:2018 requirements, where given questions were grouped into 14 categories and presented according to the PDCA (Plan-Do-Check-Act) cycle. The proposed methodology has not been used by other researchers for similar problems. Current results are especially important, because they were collected after the lockdown that had a significant impact on hospitality and tourism in the world. This paper discusses the effect of hotel properties (such as size, certification, and categorization) on the implementation level of the emergency planning and disaster recovery management model. This survey was conducted in 109 hotels in Serbia. The results show that the average level of application was 35.80%. The survey also points to the development possibilities of alternative tourisms in response to COVID-19, and whether the hotel facilities were suitable for such changes in times of increased uncertainty. The results represent the basis of scientific data for improving the national policy, especially during the recovery from a disaster such as COVID-19, as well as emergency planning activities during the pandemic. The study limitations can be identified in the small research sample and insufficient cooperation of contacted hotels as well as the willingness of hotels’ managements to participate in the study. The hotels’ managers should be aware of the implementation of emergency planning measures, and without their willingness, this cannot be achieved at any level.

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Risk and risk management disclosures: evidence from hotels in Goa

Cited by 5 publications

References 0 publications

Hotel’s grid group structure and risk management practices

Hotel’s grid group structure and risk management practices

Risk Management Practice in the Tourism and Hospitality Industry

Emergency Planning and Disaster Recovery Management Model in Hospitality—Plan-Do-Check-Act Cycle Approach

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