The “hospitality industry operates under high levels of uncertainty arising from demand volatility, economic instability, security challenges, and operational risks, making effective risk management essential for venture sustainability and performance. This study examined the relationship between risk management strategies and venture performance of hospitality firms in Rivers State, focusing specifically on financial performance and innovativeness. A cross-sectional survey design was adopted, covering 20 registered hospitality firms in Port Harcourt. Data were collected from 60 managers (hotel, finance, and operations managers), with 56 valid responses analyzed using Spearman Rank Order Correlation at a 0.05 significance level. Findings revealed a strong positive and significant relationship between risk management strategies and financial performance (r = 0.693, p < 0.05), as well as between risk management strategies and innovativeness (r = 0.714, p < 0.05). The results suggest that structured risk identification, assessment, and mitigation enhance revenue stability, cost control, and profitability while also creating a supportive environment for calculated risk-taking and innovation. The study concludes that proactive and integrated risk management practices are critical drivers of financial sustainability and innovative capacity in hospitality” firms
Innocent et al. (Thu,) studied this question.