Step 3: Assess and plan to address risks

Assess the risks to your business

After you have identified possible risks  to your tourism business, the next step is to estimate the likelihood of these events occurring and the level of impact on your business if they did occur.

Each business will have a different approach to risk:

  • You may be highly risk-averse and want to spend the time and resources on addressing almost all possible risks.
  • Alternatively, you may be prepared to accept that some risks are unlikely to occur and are perhaps too costly to address.

It is valuable to consider your approach to risk – what risks will you accept and which ones must be addressed.

Use the Risk management plan: template (15 kb)PDF to document your assessment of each risk identified.  Give each risk  a  rating such as high, medium or low for the likelihood they will occur. Do the same for the level of impact on your business if they did occur.

Tip: Talk to experts such as your local council or relevant emergency services agency if you are unsure how realistic your risk assessment has been.

Plan how you will address each risk

After identifying the most important risks to plan for:

  • Consider what actions are needed to address or minimise each risk identified
  • Plan how to reduce the impact of these risks on your business
  • Document your work in a risk management plan

Prepare a risk management plan

Document the information you have gathered using the Risk management plan: template (15 kb)PDF so you can share it with staff and business partners.

Work through each section of the plan using the Risk management plan: example (42 kb)PDF as a guide.

Update regularly

It’s useful to review and update your risk management plan annually to keep it current. A more regular update may be required if an emergency or incident occurs or there is a change in your operating environment.

To minimise risk, staff should be trained on the actions you’ve identified. Operations manuals and position descriptions can also be updated to reflect your risk management plan.

Tip: Make a list of important contacts and information for use in the event of an emergency.

Last Updated 24th July 2017