Risk Management: Developing Risk Plan for Hotels Operating in the West Bank

Authors: 
Sharif M. Abu Karsh and Loai Mohammad Raja Orede
Conference: 
International Conference on Enhancing the Role of Private Sector in Governance and Anti-Corruption Efforts
Location: 
, Sponsored by Ministry of National Economy and Anti-Corruption Commission, Ramallah, Palestine
Date: 
Saturday, December 8, 2018
Abstract: 
The research aimed to develop a risk plan through taking the Movenpick Hotels and Resorts as a case study of application. An interview and a checklist were used to gather information from the general manager and the departments' managers. This information helped to know many aspects regarding the way that the hotel manages risk. A strategic risk management plan was developed for Movenpick Hotel (Millennium) in Ramallah. The objective of the developed strategic risk management plan is to manage the Hotel risk swiftly and effectively to cope with business operations, protect associates and assets of the hotel, and ensure the continuity of critical business functions. Enterprise risk management model is used as a strategy to develop the plan for the hotel to deal with risk and opportunities by enterprise risk management process. Enterprise risk management process ensures effective reporting and compliance with laws and regulations, and it helps to avoid damage to the business reputation and associated consequences. This study shows how enterprise risk management helps the hotel to achieve its objectives, to get to where it wants to go, and to avoid pitfalls and surprises along the way. The Findings in the study revealed that the Movinpick Hotels have developed various continuity plans to face any potential problems but their plans had some shortages and failings that the study proposed risk plan considers and completes opening the way for the hotel to revise and update its plans.The study concludedthat the plan has developed an enterprise risk management strategy to respond the hotel risk effectively within a specific risk category. Continuous assessment of all the modes will make the strategic risk management plan successful and will protect the Movenpick Hotel in the fast growing hospitality industry. The researchers proposed the following recommendations to be taken into consideration by the interested parties and institutions:Hotels in Palestine are encouraged to cooperate together to share the risks mitigation experiences, share to elevate the level of services provided in Palestine.Risk plans which are prepared by each hotel should periodically inspected to minimize any future risks.Ideal strategic risk plans should be worked on and prepared in cooperation with the Ministry of Tourism, hotels and strategic planning experts to develop the performance of hotels.