The starting point of every successful crisis management is risk management. Implementation of
effective company risk management takes time and evolves though the time. The first step in risk management
is to identify risks. The research data reveal that TUI AG and Thomas Cook Group PLC address the issue of risk
management in their Annual Reports together with the list of principle risks and uncertainties, impacts and
necessary actions for risks mitigation. In the contrast to Thomas Cook, TUI relates to every type of risk with his
strategic focus. TUI AG states the following major risks in its management report: Risks related to future
development (like environmental and industry risks that can relate from macroeconomic developments on the
key generating markets to increases in oil prices, or risks from information technology); Business risks in
Tourism (in theory these risks are associated with natural or human-caused crisis which affects customers’
booking behaviour); Risks from the equity stake in Container Shipping; Financial risks (e.g. liquidity funds)
Environmental risks; Other risks (e.g. financial charges from court or arbitration proceedings). Thomas Cook
on the other hand divides risks into 3 main categories: Operational and strategic risks, Financial risks, and
Other risks