Risk Management in Service Industry: Legal, Ethical and Sustainability Dimensions
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This essay discusses the legal, ethical and sustainability dimensions of risk management in service industry like tourism, events or hospitality industry. It also provides an overview of the risk management approach and its significance in managing risks.
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ANALYTICAL ESSAY2 Contents Introduction....................................................................................................................................3 Legal Dimension of Risk Management...........................................................................................3 Ethical Dimension of Risk Management.........................................................................................3 Sustainability Dimension of Risk Management..............................................................................3 Conclusion.......................................................................................................................................3 References........................................................................................................................................4
ANALYTICAL ESSAY3 Introduction As the management process, the risk management is useful for the recognition and avoidance of the possible costs, agenda, as well as performance or technical risk to the system, take the practical and prearranged approaches to handle the adverse results, respond to them if they occur, and recognize probable opportunities that can be hidden in situations. The risk management approach manages these management objectives. The risk management is considered as recognition, assessment, and prioritization of the risk tracked by synchronized as well as efficient application of means to reduce, examine, and manage the probabilities or impacts of adverse events or to increase the comprehension of opportunity. The risk managementis a procedure of recognizing risks, evaluatingrisks, and initiating actions to minimize therisksto the acceptable level. Therisk management approachdecides the procedures, methods, devices, and team roles or accountabilities for the particular project. The following parts render the comprehensive evaluation and explanation of the elements that may affect the level of risk related with service industry like tourism, events or hospitality industry. The risk management team of the tourism, events or hospitality industries develops the proper approaches for managing risks to cope with rising risk as well as situation that can cause the danger to individual and safety of community. The risk management is very significant to recognize significantly and assess the ethical, legal and sustainability extent of the risk management. The essay also discusses the treatment to reduce the risk of tourism, events or hospitality industries (Hopkin, 2018). Legal Dimension of Risk Management The risk management is considered as the key to existing with potentially terrible risks; however the verbal communication of adverse risk management carries with it the implications that each risk may actually be handled (Elena & Maria, 2015). It signifies that if there are
ANALYTICAL ESSAY4 negative outcomes, even accepting the intrinsic outstanding risks, there should be the letdowns by those accountable. The idea of risk management increases the more risks of being responsible for not succeeding to meet community prospects and that risk too, requires to be handled. It is essential to consider the question of risk management from the legal as well as administrative point of view (Glendon & Clarke, 2015).It is required to consider whether the disaster risk management is affecting from decreasing the risks to community to decreasing the risks to the government as well as urgent situation manager. The policy reforms as well as legal reforms that can be helpful for refocusing on the disaster risk management to those susceptible to risks, rather than susceptible to blame, would be essentially required to be recognized (Farm & Dennis, 2018). Further, all the systems during the lifecycle, would make legal implication that require to be managed. The potential cost of an insufficient management of legal features may even imply the letdown of a project. As the result, the legal risk management must not only be the main function of the enlargement lifecycle, however it is required to be performed by experienced personnel following well-described norms and processes. On the other hand, the existing software procedure enhancement models do not accurately involve the procedures for legal audits and more concretely legal risks management for all the phases of software development lifecycle (Ho, et. al, 2015). In tourism, events and hospitality industry, it is not possible to search the well-described and standardized projects by managing the legal issues. The absence of standardized procedure means that legal risk is managed reactively rather than proactively. This is organized by the series of functions to be executed at all the stages of the software development lifecycle to end or reduce the risk of project failure for legal reasons (Basari, 2017). It is required to recognize the legal risks in the tourism, events or hospitality industries by finding the sources of legal risks, identifying or recognizing the risks in risk register. The issues related to the risk management can include moreover tax law, in relation to the Co-operative observance process and its consequences on the inner construction of corporation. After this, the legal risks should be analyzed by assessing the controls. The risk controls may consider the various forms depending on risk, the type of industry, as well as the association. For instance, for managing the contract risk, an organization may utilize the necessities tracking system to make sure that individual responsibilities are satisfied (Leonard, et. al, 2018).
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ANALYTICAL ESSAY5 Ethical Dimension of Risk Management The matter "ethics and risk management" implies that these two commendable disciplines ethics and risk management are based on each other. The good risk management needs good ethics. As same as, the good ethics also needs good risk management. Form the positive point of view; firstly every representative of organization is required to practice the good ethics for managing the risks related to tourism, events and hospitality industries. Secondly, the person who represents that entity should manage the risk well for acting in the ethical way. On the other hand, as per the negative perspective, firstly the entity that allows or motivates immoral actions by anybody who represents this is not working good risk management. Secondly, the entity that motivates or allows anyone who represents it to handle the risks badly is performing immorally (Mathew, et. al, 2017). Further, to know why the areas of risk management and ethics require each other, it is required to consider the general ground they share. The ethics provides the directions for the proper steps between people and group of people in the provided conditions as well as the proper actions. The reason is that they state the respect for rights along with civil liberties of others, actions to secure the people from discomfiture or the significant damages, or actions to authorize the people with sovereignty to act autonomously (Depietri, Dahal & McPhearson, 2018). The risk management is depended on the respect for right and independence of others. It is also depended on the rights to get security from the avoidable dangers or harms, freedoms to perform as they decide without excessive restriction. The risk management as well as ethics promote respect for different people. The ethical dimension of the risk management is very much important to provide the rights to be secure, happy, free as well as productive. It ensures the respect for all such as neighbor, clients, and workers, fellow users of the services and products, or fellow inhabitant of the world (Depietri & McPhearson, 2018). Firstly, for the entity to manage the risks well, all the persons should perform ethically. For an instance, if a person represents the products of company in wrong way, then the company is susceptible instantly to the products liability claims and in the long run can lose the status as well as market share. Once more, if any executive of company treats the assistant worker unprofessionally, then that worker can lose the keenness for the works. The worker can start to
ANALYTICAL ESSAY6 take advantages of manager in any of hundreds of little manners, or can easily search other work. Or in a case when one worker discovers that the other worker is misappropriating from the company, the failure of that worker to report the deceitfulness causes economic losses to not just the company and to all the managers however, also to the people who depend on the entity for the living (McCRACKEN & Johnston, 2015). Secondly, if the entity is to perform in ethical way, the people who work for that entity, should do work for managing the risks in fine way. The safeguarding staffs, who take out the daily trash of entity, should set out of it correctly; or else, neighbor upon whom this is dumped can take legal action against the entity. Further, in turn, it can have penalties as well as orders for the ecological toxic waste. Furthermore, the risk management team of the entity should be thoroughly honest in rendering data to the insurers of entity, not just to be ensure that entity has great image amongst the underwriters, however also to be certain that the entity pays its morally fair share of failure disclosures that are gathered throughout the insurance (Chamnan & Aekplakorn, 2017). Sustainability Dimension of Risk Management The sustainabilityrisk management is the business approach, which brings into line the profit objectives with the ecological policy of the organization.The objective of sustainabilityrisk management is to conduct this arrangement well-organized enough for sustaining as well as developing the business when protecting the surroundings. One of main drivers for sustainabilityrisk management acceptance is growing demands forcompliancewith domestic as well as international policies or rules. The entity applying sustainabilityrisk management usually put focus on the ecological effects of all the business processesindependently and then look for manners to reduce them. The information technology sector helps by managing data as this relates to sustainability objectives of company as well as rendering mechanical auditing and reporting abilities (David & Gollasch, 2016). Further, the sustainability is the many-sided idea that covers the environment, the financial system as well as the societies. In ecological dimension, the sustainability refers to the securing as well as strengthening construction and renewal capability of ecological system. In
ANALYTICAL ESSAY7 economic dimension, the sustainability is increasing the present and upcoming net advantages of financial growth when making sure the quality of natural means along with related services. Communally, the sustainability means enhancing the lifeās quality and health ( RutiÄ & InÄiÄ, 2015). The sustainability also ensures the access to the essential means to make the environment wherever rights to equality of people as well as right to freedom are secured. In addition, the risk means the possibility of certain adverse event taking place that in a framework of the company arises from the decisions or commitments, and outcomes in uncertainty. Because of the multifaceted scope of sustainability, the sustainability risk is a deliberation of risk taking place from surroundings and financial system. Moreover, the sustainability risk is the recently up-and- coming risk field and one of the significant risk fields in the twenty first century.The sustainability is immense at making positive effects, however does not know how to utilize them for offsetting the fear.The sustainability also is also helpful for the organization to set accountable goals.The risk management norm has 11 principles, a framework as well as the risk assessment procedure (Almeida, Hankins & Williams, 2017). In addition, the biggest issue with the sustainability citizens is that they have a propensity to run in separation of operation.It is not dependable or constant with principle that all risk management as well as sustainability should be resolutely entrenched in the structure and the decision may not be managed unconnectedly from that structure. The tourism, events and hospitality industry experienced certain strict losses as the outcome of the series of main global events and the extent of disaster has become the main matter of discussion for the sustainable tourism particularly in insurance business. The proper sustainabilityrisk management framework may assist the management to recognize the issues of concern that can influence the supply chain, operation as well as construction. The examples of rising problems involve the accessibility of renewable energy resources, the reduction of non renewable means or varying government policies (Bromiley, et. al, 2015). Conclusion As per the above analysis, it can be concluded that the risk assessment is the significant analytic device used to assess the effect of environmental stressors on ecology as well as health
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ANALYTICAL ESSAY8 of the human being. This device has been implemented over the previous twenty five years to ease management of ecological threat and remnants the key analytic way in support of sustainability decisions making. In this way, it is clear that the risk managementis significant in the company because without this, the company may not possibly describe the goals for the upcoming period. The whole objective ofrisk managementis to ensure that organization only takes theriskthat would be helpful in getting the primary objectives when keeping otherriskin control.
ANALYTICAL ESSAY9 References Almeida, H., Hankins, K. W., & Williams, R. (2017). Risk management with supply contracts.The Review of Financial Studies,30(12), 4179-4215. Basari, I. (2017). Estimation Risk of High Risk Building Project on Contractor.IPTEK The Journal of Engineering,3(2). Bromiley, P., McShane, M., Nair, A., & Rustambekov, E. (2015). Enterprise risk management: Review, critique, and research directions.Long range planning,48(4), 265-276. Chamnan, P., & Aekplakorn, W. (2017). Cardiovascular Risk Assessment in Developing World.Recent Trends in Cardiovascular Risks, 57. David, M., & Gollasch, S. (2016).Risk assessment decision support system models for ballast water.New York: Routledge Depietri, Y., & McPhearson, T. (2018). Changing urban risk: 140 years of climatic hazards in New York City.Climatic change,148(1-2), 95-108. Depietri, Y., Dahal, K., & McPhearson, T. (2018). Multi-hazard risks in New York City.Natural Hazards and Earth System Sciences,18(12), 3363-3381. Elena, V. C., & Maria, V. (2015). AN ANALYSIS ABOUT THE ROLE AND IMPORTANCE OF FINANCIAL RISK INSURANCE.Annals of'Constantin Brancusi'University of Targu-Jiu. Economy Series. FARM, N. S., & Dennis, S. (2018).Construction Noise Management Plan. New York: Routledge Glendon, A. I., & Clarke, S. (2015).Human safety and risk management: A psychological perspective. Crc Press.
ANALYTICAL ESSAY10 Ho, W., Zheng, T., Yildiz, H., & Talluri, S. (2015). Supply chain risk management: a literature review.International Journal of Production Research,53(16), 5031-5069. Hopkin, P. (2018).Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers. Leonard, K., Robertson, C., Hayes, S., & McNamara, K. (2018). P2. 15-15 Differentiating Characteristics of Patients Seeking a Second Opinion: A Survey on Non-Small Cell Lung Cancer Patients.Journal of Thoracic Oncology,13(10), S822-S823. Mathew, R. P., Thomas, B., Basti, R. S., & Suresh, H. B. (2017). Gossypibomas, a surgeon's nightmareāpatient demographics, risk factors, imaging and how we can prevent it.The British journal of radiology,90(1070), 20160761. McCRACKEN, A. R., & Johnston, C. R. (2015). Potential for wastewater management using energy crops.Scientific Papers Series Management, Economic Engineering in Agriculture and Rural Development,15, 275-284. RutiÄ, S. Z., & InÄiÄ, D. R. (2015). Serbian Army and the risk management of accidents involving dangerous substances.VojnotehniÄki glasnik,63(4), 166-191.