Risk Management Methods
Resource: Security and Loss Prevention Management, Ch. 3
https://phoenix.vitalsource.com/books/9781323066348/epubcfi/6/18[idloc_008.xhtml-itemref]!/4[eid3546]/2[page_break_inline_61]@0:0
Executive leadership of the same resort used in Week 1 has asked you to identify areas of risk, potential loss, and methods that reduce risk.
Select a department within the resort from the following list. This department will be used for the remaining assignments:
Front desk management: This department manages the front desk function for the hotel properties.
Housekeeping management: This department manages the housekeeping function for hotel properties.
Restaurant management: This department manages purchasing, inventory management, employee scheduling, training, and safety for resort restaurants.
Facilities management: This department maintains facilities, the nightclub, the putting green, and waterpark.
Recreational services: This department is responsible for managing staffing, administration, and finances associated with all the facilities within the resort.
Analyze the risks the department faces and risk management methods that may be recommended.
Write a 1,050- to 1,400-word paper covering the following:
Determine objectives of the department’s risk management program.
Identify the type of risk and the immediate action needed for each risk
Analyze and evaluate risks and potential losses associated with them.
Create a summary of the findings.
Format your paper consistent with APA guidelines.
20171101105843mgt455_r4_risk_mgmt_methods_pt1_grading_guide_week2 (1)
20171101105839apa_paper_template_300_499_v4 (1)
Solution Preview
RISK MANAGEMENT
There are three major risk management methods namely risk control, risk finance and risk transfer. These can be further classified into loss retention and risk transfer with loss retention composing of both risk finance and risk control. Loss retention simply refers to the fact that the losses incurred will be accrued by the resort or hospitality establishment. Loss transfer involved risk transfer where a resort can transfer losses acquired to other parties.
(1,220 words)