As the Hospitality industry continues to experience growing activity amidst a strong economy, there are, inherently, challenges that must be continuously addressed and improved on to ensure customers keep coming back. Identifying challenges and solutions to those challenges is one aspect of avoiding pitfalls, but an often overlooked perspective is the risk(s) to which those challenges could, ultimately, lead.
As a former NCAA golfer and avid golf fan who now manages risk, I couldn’t help but be struck by the similarities between a golf caddie and a risk manager. For those of you who share my love of the game, it’s easy see how managing business risks is not unlike playing a round of golf. In golf and in business, there is always a risk versus reward consideration applied to decision-making. While many opt for the risky play on the golf course without much concern for a penalty or lost ball, the same approach is not typically prudent in business.
Crisis Management has been, historically, a function of the IT or Risk Management department for many companies and as social media continues to gain traction, savvy risk managers have incorporated social media into their crisis communication plans.