Venue Risk Analysis For Salt And Palm

VENUE RISK ANALYSIS FOR SALT AND PALM INDONESIAN RESTAURANT1
VENUE RISK ANALYSIS FOR SALT AND PALM INDONESIAN RESTAURANT
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VENUE RISK ANALYSIS FOR SALT AND PALM INDONESIAN RESTAURANT2
Executive summary
The report defines the significance of risk with regards to the hospitality industry. The
report is based on Salt and Palm Indonesian restaurant. Restaurant business has a continuous
direct flow and interaction with customers thus the need to assess risks to ensure their proper
management. This is aimed at ensuring the continued smooth flow of the business operations.
The report identified risks related to Salt and Palm restaurant. Findings showed that fire risk
from fire ranks top due to its high occurrence chances and impact on the business. Further, the
findings indicated risks arising from financial assets and employees and customers were high
and would have a bigger impact on the company in case they occurred. The recommendation
was to ensure against physical assets and financial loss. For cyber-crime data loss, the report
recommends the protection of computers with updated antivirus and firewalls to reduce risk
occurrence. To report the applied Venue Risk Analysis method to create the report.
Table of Contents

VENUE RISK ANALYSIS FOR SALT AND PALM INDONESIAN RESTAURANT3
VENUE RISK ANALYSIS FOR SALT AND PALM INDONESIAN RESTAURANT......................1
Executive summary........................................................................................................ 2
1.0 The notion of risk...................................................................................................... 3
1.1 Definition of risk.................................................................................................... 4
1.2 Subjects of risk...................................................................................................... 4
1.2.1Risk linked to physical assets................................................................................4
1.2.2 Staff risks........................................................................................................ 5
1.2.3 Financial risks.................................................................................................. 5
1.2.4 Cyber-crime data risks....................................................................................... 5
1.2.5 Natural Disasters.............................................................................................. 6
1.2.9 Slip and Fall risk............................................................................................... 6
1.3 Risk management................................................................................................... 7
1.3 1 Types of risks................................................................................................... 7
1.4 Importance of risk management................................................................................7
2.0 Venue risk analysis.................................................................................................... 9
2.1 Risk ranking system................................................................................................ 9
2.2. Venue Risk Analysis........................................................................................... 9
2.3 Findings.............................................................................................................. 10
2.4 Conclusion.......................................................................................................... 11
2.5 Recommendation.................................................................................................. 11
1.0 The notion of risk
Risks can be defined as uncertainty connected to an event occurring because of the
unpredictable future events. It is very difficult to eliminate risks. Due to this challenge risk

VENUE RISK ANALYSIS FOR SALT AND PALM INDONESIAN RESTAURANT4
identification is important to help in managing the risks identified and take actions depending
on the risks identified and their priorities (Ashraf, 2018). These actions and processes are
aimed at reducing the impact of risks if they happen.
1.1 Definition of risk
Risk has received various versions of definitions. However, the most frequently used
definition of risk is the uncertainty of an event occurring in the future which results in
negative impact (Ramirez et al., 2013). Risk has also been defined as Probability of negative
impact on hospitality business that might be caused by external or internal vulnerabilities and
may lead to harm, injury, obligation, and failure, or any other negative event which can be
prevented by preemptive measures. In this case, the risk includes risk linked to physical
assets, staff risk, financial risk, Cyber-crime data risk, and financial risk.
1.2 Subjects of risk
Several risks are linked to the restaurant business in this report. The risks can be
classified as:
1.2.1Risk linked to physical assets
Physical assets are tangible value object that is valuable because of its capacity for sale,
use or exchange (Emmanouilidis and Komonen, 2013). A tangible asset could include the
production equipment, reserve assets, stock of goods, and any properties owned by a
company. A restaurant has a large pool of property on its venue. These assets are prone to
risks such as fires, accidents, theft of property, breaking of utensils like plates, glasses and
tables and the normal wear and tear. Also, the restaurant uses a variety of consumable
commodities including groceries. Some of these goods are short-lived thus subject to loss on
the part of the restaurant.