This study aims to highlight the meaning of the risk management sector and points out the
importance of recognizing it as an essential field for the global economy. This study is
specialized in the necessity of a new services risk management model to be established in the
tourism industry of the country and through an analysis of innovation and its impacts on
economic growth, the study proves 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 alternation 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 the Greek tourism.