This is a question about risk management such as identify risk and manage risk.Question 2115 marks! Travelama is an Australian listed company. It operates an online marketplace and hospitality service whichis accessible via its website and mobile apps. Members [i.e. landlords, tenants} can use the service to arrange or offer holiday accommodation. Travelama charges 2% of the booking fee as commission from everybooking. A landlord or tenant who wants to use or become a member of Travelama has to enter their email and givevery basic 3′ limited personal information online, to become a member. This proves typically takes less than2 minutes to complete. Travelama has the following policies, for all members to follow: (1} To protect the landlord, a $100 deposit is required from the tenant when making a booking. "I’his depositis returned to the tenant after their stay. (2} A tenant can cancel the booking at any time, even after the date of check-in, and when doing so they are refunded 98% of the booking fee. No contact with the landlord is required. Travelama, therefore, still gets2% of the booking fee for each cancellation. (3) A. landlord provides their own cleaning services take care of the property. (a) Describe the main risks Trove-lama needs to consider when providing the service above. (5 marks} (b) Propose risk management solutions for the landlord with respect to the three policies set by Travelamaabove, in order to protect their ﬁnancial position. (1 l] marks}
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