How to create a risk management program in 5 steps

Business travel can expose employees to various risk. It’s essential for organizations to have the right plan in place for your business travelers.  

There are several reasons why travel risk management is relevant to any organization that engages in business travel. One reason is to fulfill Duty of Care: the legal and moral responsibility of companies for the safety and well-being of their employees. 

According to GBTA, “a large majority (83%) of respondents say their travel program has risk management protocols in place.” For the other 17% who do not have protocols in place or intend to have one, here are some key points to consider when creating your travel risk management program. 

1. Have a Risk Management Team
Your risk management team should consist of the travel manager, security officers, HR, Legal counsel, or other key stakeholders and personnel. Travel risk management is a joint effort of various internal parties. The responsibility of the team will vary depending on the organization.

2. Seek help from a security specialist
Seeking outside help is important for creating and managing a travel risk management program. By working closely with a travel security specialist such as iJet, International SOS, or The Anvil Group as well as your travel management company, you get access to specialist expertise, advanced intelligence feeds and the right technology needed to fulfill your duty of care requirements while effectively managing business travel related risks. 

3. Partner with a proactive travel management company (like Travel Incorporated!)
A travel management company plays a vital role in travel risk management. TMC’s work closely in partnership with the travel security providers and can push destination information generated by the security provider to customer booking travel to those destinations and help out implement the appropriate travel authorization process.

In addition, your travel management company will maintain traveler profiles, which are essential for tracking your traveler’s whereabouts in case of an emergency, bring traveler home or rearrange their trips when problems arise. 

4. Equip your team with the right technology tools
Usually, companies have two options, you source the relevant travel management software and tools yourself or approach a third-party provider, such as a TMC to source the right business travel technology solutions for you.

Travel Incorporated’s proprietary crisis management tools such as PeopleTrack Assist and WatchGuard are a crucial part of our clients’ duty of care responsibilities.

5. Practice
“By failing to prepare, you’re preparing to fail.” Don’t wait until a crisis arises only to realize your crisis management plan has a significant fail point. Depending upon the types of risk your organization encounters and the severity of the situation will determine how often your team practices. Review your plan with your risk management team on a strategic level and do any necessary drills on an operational level.

Statistics show that most organizations will experience a crisis at least every four to five years. Planning for this inevitability is the key to successful crisis management. Regardless of the crisis, have the right team in mind, seek help from a security specialist, partner with a proactive travel management company, have the right tools available to your organization, and practice your plan. By taking these proactive approaches, your organization will be prepared in a moment of chaos.