Abstract

In light of ongoing innovation, businesses should remain open and adaptable when implementing operational changes to enhance their agility and sustain a competitive edge in the global market.

Embracing these opportunities for change, business decision-makers must consider potential risks and act proactively to mitigate them effectively. Therefore, risk management practices are vital components of a business strategy and are crucial for its continuity and resilience. Considering that tourism, particularly hotel activities, accounts for the largest share of global profit, the importance of innovation becomes even more apparent. Hotel stakeholders are urged to adapt their operational activities to emerging demands, develop plans to confront risks, and lay strong foundations for future growth.

This study investigates the current risk management practices in the hotel industry and reviews existing integrated risk management models to assess the factors that directly impact the successful implementation of new services in daily hotel operations. After a thorough review of the literature, the author highlights the importance of teamwork, competencies, competition, personal development, evaluation and feedback, as well as risk identification and assessment, as key components that hotel managers should consider before making decisions for business success.

The aim of this study is to propose a new services risk management framework that would be useful for efficient operational planning by decision makers, particularly hotel managers of four - and five - star hotels, who operate as leaders in the complex environment of tourism. Considering its high tourist activity and the limited literature on new services risk management, Greece was chosen as the area for this study. To formulate the best conclusions, both qualitative and quantitative research methods were employed, with hotel managers acting as participants and respondents.

Applying a thematic analysis to the qualitative research and a regression analysis to the quantitative research, a comparative analysis follows, which highlights this study's contribution. It provides theoretical insights into the new services risk management literature in the hotel industry and practical implications through the establishment of the proposed new services risk management framework.