The Risk Management Practices of Hotels in Pangasinan, Philippines

Abstract

The study aimed to determine the risk management practices implemented by selected hotels in Pangasinan, Philippines with the end view of improving the operations of the hotel industry in the province. The study focused on determining the extent of risk management practices by the selected hotels in Pangasinan along with the areas of operational risk, legal and compliance risk, strategic risk, and reputational risk. The study also dealt with the implementation constraints which are linked with the perceptions of the groups of respondents in the purview of providing a baseline reference for the risk management model. The descriptive method was used in this study which is the most popular approach used in the research project. In particular, a descriptive survey was used. It is a fact-finding study used to collect demographic data about people's behavior, practices, intentions, beliefs, attitudes, opinions, and perceptions (Dones, 2011). It uses a questionnaire to generate data prepared by the researcher (Ariola, 2014).In summation, the degree of implementation of risk management on operational, legal and compliance, strategic and reputation was not successfully practiced. The risk management practices when properly implemented will enhance the operation and increase the assets of the firms.