Developing a risk management model in travel agencies activity: An empirical analysis

This study applies a risk management model to identify risks for Romanian travel agencies. Through extrapolation, the results of this study may be useful to all intermediaries in tourism, whether in Romania or not. Risks are identified by factor analysis and categorised as being organisational, environmental, competitive, economic, political, those of infrastructure, circumstance, business deficiencies and specific (local) risk. Depending on the position relative to the risk we proposed a risk management model in tabular format, where any travel agency can add, delete, or move risks from a category to another.

► We identify those risks associated to travel agencies activity as part of a risk management model. ► The results of this study may be useful to all intermediaries in tourism. ► We have grouped the categories of risks according to the mean variables. ► We proposed a risk management model in tabular format.