Abstract
A risk is the exposure to a potential danger, inherent in a situation or activity that may lead to negative consequences for the organization or the individual. Its impact may put into question the existence of the company, its resources, its products and services, and its clients. Risk is inherent to man since all human enterprizes involve risks. Therefore, any activity has to use sophisticated processes to protect itself against risks. This paper highlights risk management practices of a specific industry, the airline industry. Like every activity, airlines have a specific risk profile. It faces substantial strategic, financial, operational and hazardous risks. Through this paper we will analyze the five most significant risks, terrorism, weather conditions risk, human negligence, aircraft failure, and the market risks of this sector and the strategic plans to minimize them.
