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Risk Management > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

A complex industry that involves a broad range of businesses, organizations, and government agencies that work together at different levels to deliver a complete tourism package.

A

Tourism

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2
Q

The process of determining risks that could potentially prevent the program, enterprise, or investment from achieving its objectives.

A

Risk identification

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3
Q

4 hazards

A

Natural
Civil/political
Technological
Biological

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4
Q

An extreme event that occurs naturally and causes harm to humans.

A

Natural hazards

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5
Q

The hazards being confronted by investors, corporations, and governments brought about by the political decisions.

A

Political hazards

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6
Q

Hazards caused by circumstances in the society that could vastly affect the society.

A

Civil hazards

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7
Q

Phenomenon whereby an individual or group of individuals who would travel to another place would engage in sexual activity with prostitutes.

A

Sex tourism

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8
Q

A process whereby societies come under or adopt western culture in areas such as industry, technology, law, politics, economics, lifestyle…

A

Westernization

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9
Q

Political hazards (5)

A

Trade barriers
Taxes
Political instability
Administration
Legislation

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10
Q

Regulations or policies that would restrict international trade like customs, tariffs, quotas and other.

A

Trade barriers

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11
Q

The bread and butter of the government.

A

Taxes

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12
Q

There are instances wherein the government in the international community would issue travel advisory in line with the political instability. (Riots, terrorism, martial law)

A

Political instability

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13
Q

The ability to manage plus the political will are essentials to the proper administration of any agencies for the effective and efficient service to people.

A

Administration

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14
Q

The process of giving effect to proposal or policy for everybody’s observance.

A

Legislation

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15
Q

It is an effect of the globalization of production, an increase of industrialization, and a certain level of risk of accidents connected with production, processes, transportation, and waste management.

A

Technological hazards

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16
Q

Technological hazards (6)

A

Industrial pollution
Nuclear radiation
Toxic wastes
Dam failures
Transport
Industrial
Technological accidents

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17
Q

Pertains to biological substances that stance a danger to the health of the living organism, chiefly humans. Aka biohazards.

A

Biological hazards

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18
Q

Biological hazards is aka as?

A

Biohazards

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19
Q

Virus, bacteria, fungi, parasites

A

Biological hazard

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20
Q

Specialize in identifying potential caused of accidents or loss, recommending, and implementing preventive measures, and devising plans to minimize costs and damage should a loss occur, including the purchase of insurance.

A

Risk managers

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21
Q

2 essential risk concepts

A

Inherent and residual risk

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22
Q

Refers to the exposure arising from a specific risk before an action is to be made by a risk manager.

A

Inherent risk

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23
Q

Is the exposure arising from a specific risk after risk manager has made any, and in case such action has proven useful.

A

Residual risk

24
Q

The following issues must be addressed well: (5)

A

The cause of the event
Areas of impact
Enablers
Events
Potential consequences

25
Q

Knowing the cause/reason behind the happening of an event is essential.

A

The cause of event

26
Q

Vital in the decision-making process.

A

Areas of impact

27
Q

Determination of enablers or organizational feature.

A

Enablers

28
Q

Perfect proof

A

Events

29
Q

This is important so as not to be left confused on the actual occurrence of the uncertainty.

A

Potential consequences

30
Q

Necessary for the conduct of tourism activities to lessen the possibility of the risk being accomplished.

A

Risk management plan

31
Q

Basic classifications of a risk management plan (2)

A

Preventive strategy
Contingency

32
Q

To lessen the possibility of the risk impact before the risk becomes realized.

A

Preventive strategy

33
Q

To address the issue of risk at the time of the event.

A

Contingency

34
Q

Strategies of risk management (4)

A

Risk avoidance
Risk reduction
Risk transfer
Risk retention

35
Q

Refers to the complete elimination of risk by merely avoiding the activities with attaching potential risks.

A

Risk avoidance

36
Q

Refers to reducing the risk level through minimizing either the likehood or the consequences of a specific task….

A

Risk reduction

37
Q

Consideration of risk reduction (4)

A

Observance of safety standards
Use of safety devices
Proper waste management system
Qualification requirements

38
Q

The tourist accommodation providers are duty bound to assure the health and safety of the guests while they are on their premises.

A

Observance of safety standards

39
Q

The burden is shifted from one party to another…

A

Risk transfer

40
Q

Risk transfer may be accomplished by: (4)

A

Outsourcing
Derivatives
Contacts
Insurance

41
Q

A process which commonly transfers a variety of risks to a partner.

A

Outsourcing

42
Q

A financial instrument whose value is derived from the value of another asset.

Is not a product but a contract

A

Derivatives

43
Q

A non-insurance risk transfer mechanism that accomplishes the goals of risk financing and risk control.

A

Contracts

44
Q

A contract being represented by a policy in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.

A

Insurance

45
Q

A company’s decision to take responsibility for a particular risk it faces, as opposed to transferring the risk over to an insurance company.

A

Risk retention

46
Q

Classifications of tourism stakeholders

A

Internal
External

47
Q

A concept or practical of preparing people for an emergency.

Done through simulation

A

Safety drill

48
Q

The assistance given to any person suffering a sudden illness or injury.

A

First aid

49
Q

3 phases of risk-based

A

Planning
Designing
Execution

50
Q

Under planning:

A

Risk identification
Risk impact analysis
Risk mitigation

51
Q

A socio-technical method among stakeholders to seek process which leads to a better solution of an issue.

A

Risk communication

52
Q

___ is a crucial element of a good crisis management system.

A

Crisis communication

53
Q

It is the best way to ensure business continuity.

A

Planning

54
Q

Gathering employees name, addresses, phone numbers and contacts

A

Employee data

55
Q

Making copies of business licenses and registrations.

A

Business information

56
Q

6 steps to build reputation after crisis

A

Keep talking
Take responsibility
Get stakeholders inside
Be authentic
Show strong leadership
The best defense - a good defense

Risk Management (4 decks)

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