This assignment, completed for the SIT50416 Diploma of Hospitality Management at Canterbury Business College, addresses the critical aspects of managing risk within the hospitality sector. The assessment is divided into two main parts: a knowledge test consisting of 29 questions and three case studies. The knowledge questions cover a wide range of topics, including the application of AS/NZS ISO 31000:2009, the importance of reviewing existing risk management arrangements, examples of business influences that might involve risk, the components of a formal risk management framework, identification of stakeholders (internal and external), political items affecting risk, strengths and weaknesses in risk management, generic success factors, communication strategies, and the use of records, tools, and techniques for risk research. It also explores the SWOT analysis, risk level determination, and the importance of prioritizing risks. The assignment further delves into risk treatment, sharing or spreading risks, action plans, conveying risk management information, record-keeping, and the significance of monitoring the economic climate. Additionally, it examines areas of legislation, codes of practice, policy documents, reasonable adjustments for people with disabilities, and different types of insurance. The case studies present scenarios involving credit card fraud, food allergies, and transport strikes, requiring students to analyze stakeholders, rank likelihood and consequence, evaluate handling capabilities, suggest measuring and communication techniques, address legal aspects, and recommend insurance options. The assignment demonstrates a comprehensive understanding of risk management principles and their practical application in a hospitality context.
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