BTHC2 Chapter 1

Chapter 1
CHAPTER OBJECTIVES:
• At
the end of this chapter, the student will be
able to: 1. define and understand how risk
management works in the Tourism and
Hospitality Industry,
2. describe the nature of risk management and
its importance in the Tourism and Hospitality
industry.
3. identify the benefits of Tourism Risk
Management.
The probability or threat of
quantifiable damage, injury, liability,
loss, or any other negative
occurrence that is caused by
external or internal vulnerabilities,
and that may be avoided through
preemptive action.
It is the likelihood that harm will
occur from exposure to the hazard.
It involves exposure to some type
of danger and the possibility of loss
or injury
Importance of Risk
• RiskManagement is an important process because
it empowers a business with the necessary tools so
that it can adequately identify and deal with
potential risk that it can adequately identify and
deal with potential risk.
• Once a risk has been identified, it is then easy to
mitigate it. In addition, risk management provides
a business with a basis upon which it can
undertake sound decision – making.
Risk Perception
is the subjective judgment
people make about the severity
and probability of a risk, and
may vary from person to
person.
Risk Management
 is the identification,
evaluation, and prioritization
of risks followed by
coordinated and economical
application of resources to
minimize, monitor, and
control the probability or
impact of unfortunate events
or to maximize the realization
of opportunities.
Risk assessment
is the combined effort of:
identifying and analyzing
potential events that may
negatively impact individuals,
assets, and/or the
environment; and making
judgments "on the tolerability
of the risk on the basis of a
risk analysis" while
considering influencing
factors.
What are the five steps to risk
assessment?
Step 1: Identify hazards
- Employers must systematically check for possible physical, mental,
chemical and biological hazards
Step 2: Decide who may be harmed, and how
- Identifying who is at risk starts with your organizations' employees
Step 3: Assess the risks and take action
- Employers must consider how likely it is that each hazard could cause
harm
Step 4: Make a record of the findings
- This record provides proof that the assessment was carried out, and is
used as the basis for a later review of working practices
Step 5: Review the risk assessment
- A risk assessment must be kept under review
What is a Hazard?
A Source of Danger
A hazard is a source or a situation with the
potential for harm in terms of human injury or
ill-health, damage to property, damage to the
environment, or a combination of these.
Hazard at work may include noisy machinery a
moving forklift, chemicals, electricity, working
at heights, a repetitive job, or inappropriate
behavior that adversely affects a worker’s
safety and health.
Classification of Hazards:
1. Physical: e.g. lifting, awkward
postures, slips and trips, noise,
dust, machinery, computer
equipment, etc.
2. Mental: e.g. excess workload,
long hours, working with high-
need clients, bullying, etc.
These are also called
'psychosocial' hazards,
affecting mental health and
occurring within working
relationships.
3. Chemical: e.g. asbestos, cleaning
fluids, aerosols, etc.
4. Biological: including tuberculosis, hepatitis, and
other infectious diseases faced by healthcare
workers, home care staff, and other healthcare
professionals.
4. Environmental: such as noise, lighting,
surrounding environment (including
uneven floor surfaces, etc.), cold, dust
and heat stress
4. Psychosocial: such as fatigue, work-related
stress, workplace harassment and
occupational violence.
Purpose of Risk Management
• Identify possible risks.
• Reduce or allocate risks.
• Provide a rational basis for better
decision-making in regard to all risks.
• Plan.
Risk Responses
• Avoidance - eliminating a specific
threat, usually by eliminating the
cause.
• Mitigation - reducing the expected
monetary value of a risk event by
reducing the probability of
occurrence.
• Acceptance - accepting the
consequences of the risk. This is
often accomplished by developing a
contingency plan to execute should
the risk event occur.
• Transfer – have a third party take on
responsibility for risk (insurance)
Risk Control
• It means taking action to eliminate
health and safety risks so far as is
reasonably practicable, and if that is
not possible, minimizing the risks so far
as is reasonably practicable.
• Eliminating a hazard will also eliminate
any risks associated with that hazard.
Risk Factor
• something that increases
risk or susceptibility
• a variable associated with
an increased risk of
disease or infection.
Types of Risk Factors:
1. Behavioral Risk Factors – factors usually relate to

‘actions’ that the individual has chosen to take
2. Physiological Risk Factors – factors are those relating
to an individual’s body or biology
3. Demographic Risk Factors – factors that are related
to the overall population
4. Environmental Risk Factors - factors cover a wide
range of topics such as social, economic, cultural
and political factors
5. Genetic Risk Factors - factors are based on an
individual’s genes
Group Activity:
• Assess and enumerate the possible risks, students
and faculty may encounter on our campus.
• Prepare a presentation and solution to eliminate this
kind of risk.
• This will be presented at our next meeting.

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