Your Guide to Travel Risk Management 

fcm-hw-travel-risk-management.png

Travel is risky. Travel risk management doesn’t have to be.  

Travel is an essential part of any modern business, but it's not without its risks. So, how will your travel risk management program manage? We’ve compiled the best-in-class knowledge to help you navigate the trials and tribulations of travel risks at every stage, and ensure the safety and well-being of your travelers. We’ll update this page as we develop more resources! 

What is travel risk management – and what does it mean for you? 

Corporate travel risk management (TRM) involves identifying, assessing, and mitigating potential risks associated with business travel. It's not just about keeping your employees safe; it's also about protecting your organization's reputation and bottom line. In today's world, being proactive about travel risk management is crucial. 

Why is it important? 

TRM is important for several reasons: 

  • Safety – Ensuring the safety and well-being of your travelers is paramount. 

  • Compliance – Meeting duty of care obligations and legal requirements. 

  • Business Continuity – Minimizing disruptions and financial losses. 

  • Reputation – Protecting your company's image and credibility. 

  • Employee Satisfaction – Demonstrating a commitment to employee welfare. 

How do you manage risk in the travel industry? 

You have a duty of care (DOC) to your traveling employees, but the absence of a unified TRM framework has made it challenging for companies to fulfill this duty effectively. That is until the introduction of the International Organization for Standardization’s (ISO) standard 31030 – a document that offers comprehensive guidance for every step of travel. 

ISO 31030 presents a comprehensive yet adaptable set of travel safety requirements for any business. It acts as a benchmark for organizations to examine their operations from the ground up, enabling them to establish their own threat assessment process and implement the travel risk solutions that work best for both their travelers and the company. 

For the most part, travel risk management is built on four key phases: 

  1. Proactivity 
  2. Prevention 
  3. Preparation 
  4. Reaction 

Be proactive: Risk Assessments 

When executed effectively, a thorough pre-travel risk assessment

not only fulfills your corporate responsibilities but also instills a sense of security among your traveling employees. This approach ensures that all parties involved are well-informed about potential risks and the corresponding mitigation strategies, eliminating any confusion in the event of unforeseen challenges. 

But how do you do a travel risk assessment? 

Here is an overview of the risk assessment process: 

  1. Identification of environmental threats. 
  2. Identification of risks associated with individuals traveling. 
  3. Creation of a risk assessment matrix and a comprehensive evaluation of each risk factor. 
  4. Development of a mitigation plan for each identified risk. 
  5. Clear communication of risks and mitigation plans to the travellers, your in-office team, and relevant stakeholders. 
  6. Periodic review and necessary updates to the risk assessment. 

Preventative: Informed Business Travel 

The most significant threats to business travelers are those that jeopardize the physical safety of your employees. To proactively address such potential hazards, it is crucial to take preemptive measures even before embarking on the journey. 

In certain cases, the most prudent course of action is to avoid specific areas altogether. Utilizing highly specific safety ratings from services like threat intelligence systems, which furnish safety assessments down to the neighborhood level worldwide, can be invaluable. Avoiding high-crime-rate areas entirely is the safest option for your travel risk management policy. 

For select countries, your organization should contemplate a categorical decision against creating travel plans to those destinations. 

What is the highest level of travel risk? 

  • High-risk – Characterized by war zones, widespread militancy, asymmetric warfare, violent separatist movements, civil wars, major epidemic zones, pervasive violent criminal activity targeting foreigners, or areas devoid of functioning government services, including emergency services, and lacking the rule of law. 

  • Elevated risk – Distinguished by low-level conflicts, including frequent terrorist attacks, high internal tensions (tribal or political), violence often impacting civilians and noncombatants, potentially state-sponsored violence, ineffective rule of law with weak emergency services, and a notable risk of violent crimes against foreigners. Countries may find themselves on this list during periods of uncertainty or volatility. 

  • Watch list – Reserved for countries or regions experiencing trends or impending events that are likely to result in heightened risk in the near future. 

Preparative: Travel Briefs 

In the "Preparative" phase of managing risk, the primary goal is to empower your travelers with information and tools that will enhance their preparedness for their journeys. This phase is all about proactive measures to minimize risks and ensure travelers are well-informed and capable of making sound decisions on the road. 

As part of this process, integrating browser extensions that facilitate just-in-time communications during the trip booking stage can be invaluable. These extensions serve as proactive communication channels, providing real-time updates and essential guidance to travelers as they plan their itineraries. By leveraging these extensions, travelers can stay informed about potential risks, safety measures, and any travel advisories specific to their destinations, enabling them to make informed decisions and prioritize their safety while on the road. 

Reactive: Leveraging Travel Software 

See how cutting-edge travel software can bridge the gap between proactive planning and on-the-ground support, helping you respond swiftly and effectively to any travel-related issues. 

This advanced travel software provides various features such as push notifications in mobile apps, which keep travelers informed in real-time about any emerging risks or changes in their travel environment. Additionally, predictive reporting is a crucial component, offering insights into potential upcoming challenges, allowing organizations to prepare in advance. Furthermore, live chat functionalities within the software enable immediate, in-the-moment responses to employee concerns and emergencies, facilitating a rapid resolution of issues and the assurance of corporate traveler safety while on the go. 

FCM as part of your team 

At FCM, we're more than just a service provider. We're your trusted partner in travel risk management. With our expertise and innovative solutions, we can help you build a comprehensive TRM program that ensures the good health, safety, and well-being of your travelers while supporting your business objectives. 

Explore our resources, stay informed, and let us help you navigate the world of travel risk management. Your travelers' safety is our priority, and we're here to support you every step of the way.