Browsing by Author "Oosthuizen, Alzet"

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    Managing political risks: ISO 31000 risk management process as a risk mitigation tool a case study of the south African tourism industry
    (Stellenbosch : Stellenbosch University, 2022-12) Oosthuizen, Alzet; Lambrechts, Derica; Stellenbosch University. Faculty of Arts and Social Sciences. Dept. of Political Science.
    ENGLISH ABSTRACT: Travel and tourism form an industry that is very susceptible to political risk events and factors, even more so now because of the recent Covid-19 pandemic and related travel restrictions. Tourism industries worldwide are trying to recover from the crippling effects of the Covid-19 pandemic, and the South African tourism industry is no exception. The Covid-19 pandemic has brought countless travel bans and harsh lockdowns, and the objective now is to attract foreign tourists and investments to help boost a crippled tourism sector. However, the presence of political risks, which were made worse by the pandemic, can hamper this recovery. Political risks cause major damage to a country’s reputation as an attractive investment and tourist destination, which can be detrimental to an industry that is trying to recover from a global pandemic. Therefore, it becomes necessary for tourism industries to forecast potential political risks and devise mitigation strategies to deal with them before they happen. The research question for the study therefore was concerned with how the tourism industry in South Africa can improve political risk mitigation in order to stimulate the growth of the industry and better prepare for turbulent times. To answer this question, the study used a six-step risk management process developed by the International Organization for Standardization as a tool for political risk mitigation in the case study of South Africa’s tourism industry. The six-step risk management process provides a practical framework in which the South African tourism industry can identify, analyse, measure, evaluate and treat political risks in the tourism context. The study found that the tourism industry cannot avoid political risks; instead, travel and tourism organisations should have strategies in place to minimise the likelihood of the risk occurring or to reduce the impact of the risk. This research study contributes to the literature on political risk management and mitigation in the tourism industry. In addition, this study also assists businesses operating within the South African tourism industry to improve their political risk preparedness and response.