Skillful Use of Enterprise Risk Management in Hotels
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Abstract
Due to the complexity and abstract nature of enterprise risk management (ERM), its concept and implementation procedures are not easily comprehended by both the management and the operations teams. As a result, the rate of adoption in the industry remains relatively low. The continuing escalation of unpredictable natural and manmade disasters, such as the Covid-19, has made ERM ever more important. This study obtained 215 valid samples from the hotels located in Uttaradit and Phitsanulok, Thailand, to demonstrate how one can easily comprehend ERM by linking to more familiar concepts such as balanced scorecard (BSC) and business strategy. In this regard this study aims to lay a groundwork for the ERM application as a necessary part of strategic and operations management. Besides the theoretical contributions, this research makes use of statistical comparative analyses of many demographic variables (i.e. position, type of job, number of hotel rooms, service types, HR and hotel operations) to offer a rich spectrum of practical implications.
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