From Finance to Adventure: Using ERM as a Framework in Adventure Tourism

Keywords

enterprise risk management; knowledge transfer; leadership; risk management

Abstract

Can ERM be applied as a risk management framework within adventure tourism? The paper is supported by a single-case study into the US aerial adventure industry. Data was collected from 21 interviews of senior managers within the US aerial adventure industry. Interview participants represented public and private organisations, including state agencies, operators and builders. This paper finds that even with the fragmented and dynamic state of the industry, (IERM) could provide the comprehensive and holistic approach to risk management currently lacking. Aerial adventure parks are uniform, yet the risk management procedures are not, meaning the industry is split into separate groups. A need for Industry-wide Enterprise Risk Management (IERM) is therefore identified. This, in turn, will improve public safety levels, the long-term sustainability of the industry as well as provide it with a competitive advantage. Adventure tourism lacks a risk management framework. This paper furthers academic discussion by proposing IERM as a risk management framework. This, in turn, furthers the academic discussion on ERM, by arguing for its utilisation at an industry level, and contributes to the discussion on the management of aerial adventure visitor attractions, an area currently under-researched.

Publication Date

12-2022

Original Citation

Hansen, M., Fyall, A., & Spyriadis, T. (2022). From finance to adventure: using ERM as a framework in adventure tourism. Managing Sport & Leisure, 27(6), 540–557. https://doi.org/10.1080/23750472.2020.1829987

Document Type

Paper

Language

English

Source Title

Managing Sport and Leisure

Volume

27

Issue

6

College

Rosen College of Hospitality Management

Location

Rosen College of Hospitality Management

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