What is Travel Risk Management?
Travel risk management secures and guarantees safe travel for employees on official assignments. It comprehensively identifies potential risks; analyse and assesses options; and thereafter recommends measures to mitigate risks. Travel Risk Management protects organizations’ key stakeholders from top executives to employees by reducing operational interruption and enhancing crisis management capabilities.
Travel Risks to Consider While Travelling
- Safety and Security risks
- Political unrest and civil disturbances may result in significant security risks and cause travel disruptions.
- Terrorism-related activities
- Organised crimes including smuggling and kidnapping as well as Petty crimes including theft, pickpocketing, and tourist scams.
- Environmental Risks
- Natural disasters, such as earthquakes, heatwaves, hurricanes and floods, etc., can cause serious travel disruption
- Transport risks
- Road accidents, roadblocks, aviation delays or suspension of services, and public transport service disruptions may cause unanticipated travel delays.
- Health Risks
- Exposure to contagious diseases including Zika, malaria, or waterborne diseases may result in significant illness or infections.
- Poor medical facilities in the region may aggravate health risks.
- Legal and Regulatory Risks
- Violation of local laws and rules may result in detention or arrest.
- Visa and Immigration issues including invalid documentation or denied entry.
- Cybersecurity risks
- Cybersecurity risks including data theft, data breaches, or espionage due to unsecured networks.
Key Components of a Travel Risk Management Plan
- Risk Identification: Identification of risks and potential hazards associated with the travel mode, travel destination, and local risks.
- Risk Assessment and analysis: Evaluate the likelihood and severity of potential risks while taking into consideration the duration of travel and stay.
- Risk Mitigating Strategies:
- Formulation of travel policies including a list of approved travel destinations, and standard reporting protocols.
- Developing a Crisis Management Plan to safely evacuate employees in the event of major disruption.
- Pre-Travel Preparation:
- Employees and key stakeholders to be briefed with safety protocols and emergency contacts.
- Conducting training and awareness programs briefing about the basic local laws and regulations.
- Ensuring adequate travel insurance and supporting travel documents.
- Emergency Response Planning: Clear guidelines and protocols to be developed for dealing with accidents, medical emergencies, or immediate evacuation situations.
- Real-time Monitoring: Use of technology to track travel routes and monitor risk events in the region.
- Communication and Support System: Establishing a 24/7 helpline to provide backend support along with regular communication.
How technology enhances travel risk management?
Cutting-edge technological tools including AI and automated tools help in providing real-time updates and alerts. Identification of potential risks as well as monitoring of real-time developments within the region can be achieved through AI and automated tools including datasurfr. Use of GPS and geofencing to access updates related to traveler’s location to alert regarding high-risk areas. Mobile apps help in providing emergency assistance and can also perform as a crisis communication platform.
Best Practices for Businesses Partnering with a Risk Consulting firm
- Identifying and defining goals and objectives for a tailored travel risk management plan for your organisation.
- Partnering with the right risk consulting firm with proven expertise in the industry which understands the relevant risks your organisation faces.
- Focus on customisation for significant risks likely for your organisation to establish an effective risk assessment and solutions.
- Delineating roles and responsibilities between the risk consulting firm and the team to ensure coordination and open communication.
- Conducting training and awareness programmes for employees and key stakeholders with the risk consulting firm.
Travel Risk Management helps organisations to safeguard their employees, key stakeholders, and business operations. For instance, an e-commerce giant, Amazon having a significant presence in Ukraine, faced an unprecedented challenge in 2022 with the onset of the Russia-Ukraine war. It conducted travel risk management through which it monitored real-time updates, ensured safe transport for its employees, and facilitated employee relocation in Poland. This safeguarded its employees along with business operations and ensured safety and business continuity.
In the complex and interconnected world, organisations face multifaceted risks and disruptions which hamper business continuity. Mitkat aims to help organisations to navigate through such disruptive events to ensure tailor-made risk assessments and risk-mitigating strategies. With the use of cutting-edge technological tools such as datasurfr, organisations can ensure travel security with its real-time monitoring and alerts. Mitkat’s dedicated team ensures tailor-made travel security plans, along with credible sources and timely responses.