STRESS TESTING AS A NECESSARY CONDITION FOR EFFECTIVE MANAGEMENT OF A TOURIST ORGANIZATION

Abstract

The sustainable organization is one that can achieve its strategic goals, such as economic growth, the development of competitive advantage or increased profits, regardless of any adverse problems it faces both internally and externally. It is believed that such an organization not only experiences failures or a hostile market environment, but also thrives despite them. Conventional risk management tools, such as root cause analysis, SWOT and probabilistic risk assessment (PRA), can be used to manage known or expected risks. But more sophisticated approaches to risk management are needed to deal with the following scenarios: risks that we suspect are more likely than historical observations suggest, for some root cause; extreme events that we can imagine, but which, as we know, never really happened; or situations where we cannot rule out that the complexity and uncertainty of the environment in which we operate will lead to unexpected influences or conditions. Stress testing offers a way to identify and correct organizational vulnerabilities in a secure environment instead of learning from your own experience and causing additional brand damage. Tourism organizations need to establish long-term policies to achieve long-term goals. However, the world is changing rapidly, and it is important to ensure that ideas and plans that are written into policy and used as a basis for decision-making and action management do not have unintended consequences in the future. It is often said, no plan can withstand the first contact with the enemy. Professional stress tests can be conducted through external organizations and will help companies to optimize risk management and increase resilience. Sustainability must work at all levels: executive, operational, technological; and the development and conduct of stress tests is one such way to comprehensively assess resilience. Stress testing or scenario planning is a prerequisite for effective management. When thinking about the future, the environment in which the business operates, and the key factors of sustainability and long-term success of the tourism organization, it is always necessary to “act in the interests of the organization”. Key words: risks, stress testing, tourist organization, scenarios.