although a body of literature exists on the generic theme of risk management,research into the use of this management technique within the tourism industry and more specifically within the adventure travel sector is sparser. However, there are several useful studies that have contributed knowledge to risk management in tourism. For instance. Hollman and Forrest (1991) developed a model to explain risk management in service companies (tourism is a service industry par excellence) on the basis that risk management involves the protection of a firm's assets and profits. The model is a five-stage process involving the discovery of loss exposure. the evaluation of loss exposure. operational techniques. implementation of strategy,and monitoring. Risk-management strategies are divided into two broad categories:operational techniques are measures are measures that reduce loss exposure. for example fire-fighting equipment; and financing techniques aim to minimize the effects of loss on a business, for instance transferring the financial consequences of loss to an insurer.