Podcast
Questions and Answers
What is one of the biggest risks for businesses operating in the hospitality industry?
What is one of the biggest risks for businesses operating in the hospitality industry?
- Staff turnover
- Marketing campaigns
- Food safety (correct)
- Natural disasters
How can norovirus be spread in a hospitality business?
How can norovirus be spread in a hospitality business?
- Through contaminated water sources
- By contaminated surfaces or infected people (correct)
- By sharing utensils
- Through air conditioning systems
What may happen if there is an outbreak of norovirus in a hospitality business?
What may happen if there is an outbreak of norovirus in a hospitality business?
- Closure for extensive cleaning leading to Business Interruption costs (correct)
- Decreased food prices
- Increased customer satisfaction
- Expansion plans
Why is it important for owners and managers in the hospitality industry to keep up with current risks?
Why is it important for owners and managers in the hospitality industry to keep up with current risks?
Which of the following is mentioned as a common food-borne infection in the hospitality industry?
Which of the following is mentioned as a common food-borne infection in the hospitality industry?
What type of claims may a business face due to an outbreak of norovirus?
What type of claims may a business face due to an outbreak of norovirus?
What is a key measure to reduce risks related to food safety in restaurants?
What is a key measure to reduce risks related to food safety in restaurants?
Why is it important for employees serving alcohol to hold appropriate licenses?
Why is it important for employees serving alcohol to hold appropriate licenses?
What can happen if a business serves alcohol to an already intoxicated patron?
What can happen if a business serves alcohol to an already intoxicated patron?
Why should tour operators and hotels be concerned about transportation accidents?
Why should tour operators and hotels be concerned about transportation accidents?
What is essential for hotel employees carrying out transportation services?
What is essential for hotel employees carrying out transportation services?
Why should businesses serving alcohol continuously train their employees?
Why should businesses serving alcohol continuously train their employees?
What may risk models lead organizations to believe?
What may risk models lead organizations to believe?
Why might an organization neglect the possibility of novel risks?
Why might an organization neglect the possibility of novel risks?
What is one challenge related to understanding cumulative risk?
What is one challenge related to understanding cumulative risk?
Why are some boards of directors required to review enterprise risk management processes?
Why are some boards of directors required to review enterprise risk management processes?
What has become a major component of business strategy in an increasing number of industries?
What has become a major component of business strategy in an increasing number of industries?
Which organizations have developed risk management standards according to the text?
Which organizations have developed risk management standards according to the text?
What is the purpose of a risk avoidance strategy?
What is the purpose of a risk avoidance strategy?
How is risk reduction achieved according to the text?
How is risk reduction achieved according to the text?
What is the purpose of risk sharing as described in the text?
What is the purpose of risk sharing as described in the text?
When might a company decide to retain a risk according to the text?
When might a company decide to retain a risk according to the text?
Why is it mentioned that complete elimination of all risk is rarely possible?
Why is it mentioned that complete elimination of all risk is rarely possible?
What is the main difference between risk avoidance and risk reduction strategies?
What is the main difference between risk avoidance and risk reduction strategies?
What is the main purpose of ISO 31000 according to the text?
What is the main purpose of ISO 31000 according to the text?
What is one of the key principles recommended by ISO 31000 for the risk management process?
What is one of the key principles recommended by ISO 31000 for the risk management process?
Why can't ISO 31000 be used for certification purposes?
Why can't ISO 31000 be used for certification purposes?
What is a key aspect of the risk management process according to ISO 31000?
What is a key aspect of the risk management process according to ISO 31000?
How does ISO 31000 recommend tailoring the risk management process?
How does ISO 31000 recommend tailoring the risk management process?
Which of the following is NOT a recommended target area in the overall risk management process according to ISO 31000?
Which of the following is NOT a recommended target area in the overall risk management process according to ISO 31000?
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Study Notes
- Hospitality industry faces constantly changing risks and regulations
- Food-borne illness is a common risk with infections such as salmonella, campylobacter, vibrio, E. coli, and norovirus
- Norovirus outbreaks can lead to significant expenses for business owners, including Business Interruption costs and bodily injury claims
- To reduce food-borne illness risks, restaurant personnel should be trained in food handling, sanitation, and health safety procedures
- Alcohol-fueled behavior poses risks for businesses serving alcohol, including Budget and Reputation Damage, and legal liabilities for serving minors or already intoxicated patrons
- Employees who serve alcohol must hold appropriate licenses and undergo continuous training to avoid complacency
- Transportation accidents are a risk for tour and hotel businesses, with potential liabilities depending on whether the company or a third party provides the service
- After risks are identified, companies can adopt risk management strategies such as risk avoidance, risk reduction, risk sharing, and risk retaining
- Risk models may give a false sense of control, and neglect novel or unexpected risks
- Risk management standards have been developed by organizations like NIST and ISO to help identify threats, assess vulnerabilities, and implement risk reduction efforts according to organizational strategy.
- ISO 31000 principles provide a framework for risk management process improvements, increasing the likelihood of achieving objectives, improving risk identification, and effectively allocating and using resources for risk treatment.
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