This study aims to highlight the meaning of the risk management sector and the importance of recognizing it as an essential field for the global economy. This study highlights the necessity of a new services risk management model to be established in the Greek tourism industry. Through an analysis of innovation and its impacts on economic growth, the study confirms the importance of accepting new services as a beneficial challenge which will create a new perspective for the tourism industry. Taking into consideration the limited literature sources about the topic, the contribution of this research is reflected on the recommended alteration of risk management model steps to new service management model. The literature gap is proposed to be covered through an analysis of innovation processes and their correlation with the importance of establishing new services and products into Greek tourism.