Influence of Effective Enterprise Risk Management on Performance of Hotels in the COVID-19 Pandemic
Keywords:Enterprise Risk Management, Performance, Committee of Sponsoring Organization, Hotel Industry, Hotel Standard
Tourism has proven to be a substantial contribution to the nation's economy, and a great deal of research has been conducted in this area. However, this research does not explain the industry's possible dangers and appropriate risk management measures to mitigate those risks. Specifically, during the COVID-19 pandemic, when the hotel industry was severely impacted, the researchers advocated identifying effective risk management measures to assist the Hotel's business performance during similar crises. Therefore, this study examined the relationship between risk management and the performance of the 157 recognized hotels in Thailand. A questionnaire was employed to collect data from all hotel executives in the study. Descriptive statistics, an analysis of correlation, and multiple regression analysis were utilized in the data analysis. Respondents' opinions on risk management and performance were at the most significant level. According to the findings, only three of the eight enterprise risk management components are relevant to corporate performance. Monitoring, objective setting, and risk response also impact hotel performance substantially. The study also has substantial theoretical and practical consequences.