JW Marriott Austin is one of the most reputed and highest rated hotels of America. Recently, in 2019, by Condé Nast readersthe hotel was named as #1 hotel in Texas. The property is one of the most preferred properties of Marriott’s by its guests. The experience of stylish urban retreat blended with convenience of downtown living with modern and upscale luxury, offers the guests with an experience worth exploring(Hiebl, Duller and Neubauer, 2019). The location on which the hotel is located at, also offers an advantage to the property as its serene and beautiful, which makes the stay of the guests wonderful and helps them to rejuvenate and relax.
The present report explores the enterprise risk management of JW Marriott Austin. ERM or Enterprise risk management refers to a business strategy that is plan-based. Its aim is to prepare an organisation for, or identify and assessits both figurative and physical interfering organisational risks(Sweeting, 2017). ERM not only identifies therisks of an organisation but it also develops a plan of action, to eliminate risks and ensure proper management and organisational growth.
The report discusses the aims of JW Marriott Austin and identifies the risk thresholds of the organisations. Discussing these aspects, the report sheds light on the potential risks the organisation is facing or will might face in the future. Along with it, its also identifies the threats or opportunities, existing controls, calculation of risk and risk threshold and mitigation actions to help the organisation is ensuring proper risk management and elimination of the future risks.
Aims of JW Marriott Austin
Being one of the most reputed organisations, JW Marriott Austin aspires to provide the best in class services to its guests, and help them receive the desired experience and relaxation they want. In order to do this, the organisation has set specific aims that will help it to ensure customer retention along with the provision of better services and world class hospitality. Below listed are the set specific aims of JW Marriott Austin:
• Ensure desired customer satisfaction: To make sure that the customers are receiving desired satisfaction and are getting the experience they want, is one of the main objectives of the hotel. The hotel aims to ensure that no compromise is being made in customer service and every customer is being treated equally.
• Maintain sustainability: The danger caused in environment by global warming and climate change has made it essential for the hospitality organisations to ensure that appropriate sustainable practices are being followed (Andrén and Lundqvist, 2017). JW Marriott Austin aims to maintain its carbon footprint to the minimum possible level and ensure that appropriate practices of keeping the environment green and clean are being followed.
• Increase revenue and profits: To ensure that the organisation is constantly operating on a scale where it is producing better revenues and is having a better competitive advantage in the market (Florio and Leoni, 2017). It is one of the main aims of the organisation, as only from having a better revenue share, it can achieve personal growth and development and can constantly improve its offered services.
Hospitality industry is one of the most potent industries to get easily effected by the occurring internal and external environmental risks. JW Marriott Austin is one of the set examples of such organisations being impacted by the changing environmental pressures. The organisation is constantly facing risks which ismaking difficult for it to thrive. However, its developed mitigation plan acquires potential strategies which are going to make sure that the occurred or occurring risks remain under the set threshold. But it is still important for the organisation to keep working on its management practices and developing a strong personal potential to make sure that such risks does not occur in the future. It would help the organisation to maintain it set standards as per the developed aims, and will ensure that it is achieving set goals and objectives.
Books and Journals
Ai, J., Brockett, P.L. and Wang, T., 2017. Optimal enterprise risk management and decision making with shared and dependent risks. Journal of Risk and Insurance, 84(4). pp.1127-1169.
Ali, A.H., David, G. and Craig, W., 2019, October. Disruptive Change to Correct Our Myopia in Enterprise Risk Management. In SPE Kuwait Oil & Gas Show and Conference. Society of Petroleum Engineers.
Andrén, N. and Lundqvist, S., 2017. Incentive Based Dimensions of Enterprise Risk Management. Available at SSRN 3071699.
Bailey, C., Collins, D.L. and Abbott, L.J., 2018. The impact of enterprise risk management on the audit process: Evidence from audit fees and audit delay. Auditing: A Journal of Practice & Theory. 37(3). pp.25-46.
Berry‐Stölzle, T.R. and Xu, J., 2018. Enterprise risk management and the cost of capital. Journal of Risk and Insurance. 85(1). pp.159-201.
Bromiley, P., Rau, D. and McShane, M.K., 2016. Can strategic risk management contribute to enterprise risk management? A strategic management perspective. A Strategic Management Perspective (October 20, 2014). Forthcoming: Bromiley, P., Rau, D., and Mcshane, M. pp.140-156.
Brustbauer, J., 2016. Enterprise risk management in SMEs: Towards a structural model. International Small Business Journal. 34(1). pp.70-85.
Callahan, C. and Soileau, J., 2017. Does enterprise risk management enhance operating performance?. Advances in accounting. 37. pp.122-139.
Fehrenbacher, D., Sutton, S.G. and Weisner, M., 2020. Risk Category and Spatial Distance Effects in Enterprise Risk Management Practice. Available at SSRN 3582288.
Fletcher, K.C. and Stanton, T.H. eds., 2019. Public Sector Enterprise Risk Management: Advancing Beyond the Basics. Routledge.