Proactive Phases of Managing Risks Samples †MyAssignmenthelp.com

Question: Discuss about the Proactive Phases of Managing Risks. Answer: Introduction Risks are integral part of human being n the modern world.Risk management is a proactive phases of managing risks in the business and society. There are various risks involved in the tourism, hospitality and events. For example, risks might be natural calamities including earthquake, volcano and tsunami. A risk is a future harm in any of these sectors discussed in the essay. The various dilemmas of therisk management are provided that helps in understanding different styles of management of risk. Risk management is the process of eradicating risks in various sector of the business (Kotseva et al., 2016). The main objective of the riskmanagement is to minimize the errors and risks in the business sectors. This essay deals with the various risks involved in the tourism, hospitality and events. Processes explainedvarious risk management in all these sectors. The legal dilemma involved in the risk management is discussed in the essay. The impact of the legal issues has been shown in the essay. This essay outlines overall risk management involved in the three sectors. This essay includes the impact of the ethical issues on the risk management. The sustainability of the risk management and its importance has been reflected in the essay. Legal Dimension of Risk Management In the modern world, the perspective of the government has changed from creating benefits to removing risks and harm. This change in the perspective of the government has helped in managing the risk involved in the business organization. The mentioned three sectors including tourism, hospitality and events has various types of risks and legal concern to protection. Various legal rules and acts help in managing the risks in the sectors. For example, The Data Protection Act 1998 compiles with the protection of the personal data and information of the individual in the tourism, hospitality and event sector (Yokoe et al., 2014). The tourism sector mainly has risks regarding the natural casualty including storm, cyclone, earthquake and landslide. Therefore, many natural disaster acts help in minimizing the risks. Victoria State Emergency Service Act 2005 helps during any kind of emergency in the tourism and event sector (Fren?, Niculescu Trif?nescu, 2016). The Equality Act 2010 provides equality in the employee of the hospital and hotel and minimizes the practice of discrimination based on sex, caste, religion and disability (Becken Hughey, 2013). There are risk agencies in the sectors that prioritize the legal issues in the market. The board of directors and stakeholders are responsible to implement various legal authorities in their organization that helps in maintaining a proper risk free environment in the organization. The stakeholders are provided the right to manage and reduce the risk involved in the management. On the other hand, Panwar, Uniyal Rautela, (2016) argued that the stakeholders are not able to change the management, as they are busy in other works including managing the sales and service of the company. This can be achieved by implementing the risk assessment factors in the management of the company. They generally focus on implementing n the various strategies of eradicating the risk from the organization. The hospitality and event sector depends on the quality service provided to the users that includes the risk in the providing wrong services to the customers (Olya Alipour, 2015). The laws and rights helps in controlling all these illegal activities in the hotels, hospitals and event org anizations including child labour and sex tourism. The standards of the corporate governance are either directly or indirectly included in the risk management of the company. Companies in these sectors are free to involve in the risk management affairs in the market. The legal authorities have helped in maintaining the risk assessment in the organization by introducing different strategies including the employee engagement and customer satisfaction. As argued by Sadgrove (2016), the local authorities are not properly working for the benefit of the organization and ignoring the local laws of maintaining the risk management in the organization. The management of company does the mitigation and reduction of the risk management in the tourism, hospitality and event sector. As commented by Gssling, (2015), the review of the risk management in the companies is catastrophic events that require a risk free environment in the society. These legal issues in the risk management are based n the government rules and regulations that helps in reducing different risks in the organization. The tourism industry has been critical to various levels of risks as discussed earlier. As argued by Tsai LinLiu, (2017), these legal issues are still prevailing in these sectors causing risks to the lives of the tourists. The hospitality sector including hospitals have the risks of providing wrong medicines and services to the patients in hospital. The tourism sector has to focus on the service provided by them and reduce the risk involving in the tourist places. Ethical Dimension of Risk Management Potential risks are lurking behind every sector in the society. These risks are acceptable by the society in order to satisfy the lucrative scenarios of the society (Kotseva et al., 2016). Risk management is extended to the ethical dilemmas to the various sectors in the society. It is more prudent for investing in the risk management and identifying the resources to interplay with the corporate ethics and culture (Olya Alipour, 2015). The tourism, hospitality and event sector has been prudent towards the ethics in their sector. The ethical dilemma is creating a lot of risk in the sector. The Standard Model of the risk management provides a cost-benefit model to implement the strategies of the risk management in the sectors. Therefore, risk management has a sharp edge dimension in the ethical issues of the sector. The identification of the internal and external ethics and values in these sectors has been an important element in maintaining the risk management in the sectors. The risk assessment policies in the ethical background in the tourism sector have been preferred with bad behaviours with the tourists and child labour (Hopkin, 2017). These ethical issues have been prevailing in the hotels in the tourist sector and hospital. The child labour is prominent in the hospitals and hotels that have been a prominent issue in the risk management. The risk of losing their life during working at a low age has been prevailing in the society. These ethical issues have been allowing different illegal activities in the society. As commented by Cole, Gin Vickery (2017), there are various legislations and acts to protect these type of unethical activities. The Child Labour Act has been continuously working for the growth of these child labours and providing them a bright future. There are different tourists from different countries observes the child labour prevailing the country. The child works for all day causing health issues to them. This law has been successful in minimizing the risks in the society (Sweeting, 2017). The events in the hotels and lodges have been conquered with sex tourism. Activities found sex tourism in the hotels in tourist spots. Therefore, it is causing an illegal impact on the tourism industry. The critics related to the risks in the tourism, hospitality and event sector has been argued by the cost-benefit model to understand the violation of the accounting process in the risk management. On the other hand, Vlachopoulos et al., (2017) argued that, these principles are generally involved in the reckless environment of the society. According to Glendon, Clarke McKenna, (2016), information related to the risk management has been regulated to the educational and employment basis to eradicate the risks evolving in these sectors. For example, The Great Nuclear Accident happened in Fukushima, Japan on 11th March 2011 of magnitude of 9.0.The earthquake and tsunami was triggered at same time causing huge damage to the lives of Japan (Hopkin, 2017). Therefore, there are many risks in such places for the natural calamities. These ethical dilemmas are provoking the limits of the risk management. The ethical issues were not maintained at that time in Japan that has caused a huge damage to the lives of the people nearby. The management in that area was not ready for this kind of accident. They have not analysed the level of risks involved in that place. The risk management at the place was poor that causes huge loss. Sustainability Dimension of Risk Management Sustainability refers to the process of sustaining in a condition by an individual to mitigate the economic social and cultural factors in the environment. The stakeholders and group members of the organization ingress sectors are sustainable to the risk management technique. There are various elements of the sustainability framework including economic, environmental and social (Aven, 2016). The ability of the organization in these sectors to survive in the market depends on the economic conditions of the company. The financial department of the company in these sectors manages these risks. A sustainable business in transparent to the customers and provide flexible operations in the management. For example, The general manager of a private club pleaded guilty of stealing $2million from the club management by illegal activities. The management of the club has not proper financial record of the cheques and money in th club that has causes the fraud case in the club (Kotseva et al., 201 6). The risks of hacking was not properly analysed and the incident happened. The ability of the company to produce quality goods and service in the market deals with the environmental factors. The tourism sectors consist of having pollution free environment in the places and making it energy conservation spot. This helps in maintaining the risk management in that area. As argued by Tsai LinLiu, (2017), the hospitality sector including hospitals requires to be clean that mitigate the risks of other diseases to the patients. The event management company needs to focus in their waste management criteria that mitigate the risks of food waste and untidy environment. Conclusion It can be concluded that risk management is important in these sectors to mitigate the risks involved. The legal issues of risk management involve different legal acts that help in maintaining the legal issues in the society. The Data Protection Act 1998 has helped in providing security to the personal information. 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