Sending your employees on business travel can be risky and hazardous. This is because things such as robbery, natural disasters, pandemics, and many others are unpredictable. Meanwhile, travel risk management companies can actually help your business travellers prepare, prevent, and respond to hazards that business travellers may encounter on their trips. Read through to find out about travel risk management companies.
What Is Travel Risk Management?
Travel risk management is the act of preparing, preventing, and responding to hazards that business travelers may encounter while on the road. This includes hazardous weather, social unrest, robbery, natural disasters, public health events such as pandemics, and many other things.
Travel risk management entails identifying and preparing for all potential hazards. You have two main goals: to reduce the likelihood of a threat materializing, if possible, and to have a plan in place in the event that a threat does materialize. These goals are integral to all-hazards planning and your organization’s duty of care responsibilities.
Read Also: Business Travel Management: All You Need to Know
What Are Travel Risk Management Companies?
Travel risk management companies assist organizations in meeting staff duty of care responsibilities by providing risk identification, prevention, and communication solutions.
They also provide a broad range of support options to make business travel safer, easier, and more enjoyable. Additionally, travel risk management service providers typically cater to a wide range of corporate travel needs.
What Is Trip Risk?
Trip risk occurs when your foot strikes or hits something, causing you to lose your balance. In most situations, individuals trip over obstacles that aren’t visible, such as uneven flooring edges, messy equipment, tools, or cables.
How Travel Risk Management Companies Help Businesses
Here is how travel risk management companies assist businesses
#1. Travel Planning and Risk Assessment
Planning ahead of time is vital for developing a corporate travel policy that meets the needs of your traveling employees. This includes considerations for identifying threats, assessing risks, and planning for contingencies. Itinerary management is also important so that your employees are not concerned with the details of their travels.
#2. Protect Employee and Corporation
Security and risk management services can help you protect your employees and company assets while they are abroad. Responsive security intelligence, for proactively monitoring global incidents, is a common travel risk protection service. Their services also include employee tracking, for locating and monitoring traveling employees, as well as real-time evacuation and care for your employees.
#3. Reaction and Recovery in Event of Crisis
Travel risk management tools make it easier to identify common travel risks and map failure points; plan crisis management for emergency situations; support employees during natural disasters or other crises; mitigate impacts; ensure operational continuity.
#4. Regulation to Ensure that All Rules are Followed
A travel risk management policy is built on a culture of safety. Top travel risk managers can assist you in developing, identifying, and implementing such a policy.
What to Look For in a travel Risk Management Company
In difficult times, dynamic travel risk management policies are required. Administrative challenges are created by increasing regulatory complexity and employee experience concerns.
Here are the things to look for in a travel risk management company
- Easily accessible and responsive: You should determine whether your traveling employees have real-time access to the risk management portal. Your ideal platform should enable you to reduce travel costs while also ensuring employee safety. Also, look for flexible solutions—how critical it’s to choose an agile solution.
- Observations derived from data: How does the company allow you to improve the employee experience by predicting from existing data sources? Does it collect information about your corporate travel in order to improve your experience? Having these insights allows you to expect potential problems, offer solutions, and as well reduce travel plan changes.
- Complete assistance: From pre-travel approvals to post-travel analysis, a travel risk management solution provider should be able to handle the entire process. This will provide you with a broad picture of the risk management task.
Travel Risk Management Companies
Below is a list of travel risk management companies
#1. TravelPerk
TravelPerk is one of the travel risk management companies. It is an all-in-one business travel management solution that simplifies corporate travel through a variety of business travel management tools. Similarly, its corporate travel risk management solutions enable you to make informed travel decisions, ensure the safety of your travelers, and accommodate any changes in plans. The travel management solution aims to make business travel easier, free up administrative time, and save firms money on travel costs.
Furthermore, TravelPerk’s travel risk management solution is ideal for pre-travel risk assessment, tracking traveling employees, 24-hour support, and duty of care solutions.
#2. Collison
Since its inception in 1985, Collinson has grown to become a well-known name in the travel medical and security assistance industry. This specialized risk management firm has teamed up with Crisis24 to provide fully scalable travel risk services.
The core program is designed to meet the needs of your business by delivering services such as pre-travel risk assessment, traveler tracking, advice, and support, as well as medical and security assistance. Collinson also provides seamless traveler and wellness assistance solutions such as airport assistance, executive protection, identity assistance, digital healthcare, wellness, and global travel management to help you fulfill duties and reduce risks.
#3. Anvil
Anvil provides global travel risk, operational resilience, and occupational health management solutions to firms to help them manage corporate travel risks. Moreover, their event management platform ensures the safety and communication links of traveling employees.
Anvil is also excellent for predicting travel risks, developing a travel risk success basis, and conducting pre-travel risk assessments. With 360-degree threat awareness, Anvil’s Riskmatics platform assists firms in preparing for unforeseen events. The entire product suite provides real-time global data insights as well as need-specific custom solutions.
#4. CWT
CWT is one of the travel risk management companies that assists your employees in avoiding potentially hazardous situations when traveling for business. The company equally assists employers in meeting their ethical duties, expecting security concerns, and remaining policy compliant.
Moreover, CWT is great for assessing security threats and keeping your employees safe during business trips. Their cutting-edge technology lets you locate and support employees during an emergency. Its global cyber security team helps your employees guide data threats and security issues.
#5. Corporate Travel Management (CTM)
CTM provides cost-effective and efficient travel options. Similarly, to ensure employees have a safe and secure business trip, they combine traditional travel management solutions with personalized service. Companies can use CTM’s risk management solutions to identify risks, track employees, and communicate any important updates.
Furthermore, CTM’s easy-to-manage pre-trip approval solutions help you reduce risks and travel costs. CTM equally keeps travelers informed about potential travel risks via SMS, notification, or email. Whether you want to enable employees to self-book trips or check travelers’ safety, you can do it all with a single click.
#6. FocusPoint International
FocusPoint International specializes in travel risk management and risk consulting. They provide traveling employees with on-demand advice, coordinated in-country assistance, and evacuation services. FocusPoint International has offices in Latin America, Europe, the Middle East, Africa, and Asia, as well as the United States and Canada (DUSC).
Additionally, FocusPoint International is great for location-specific employee assistance and evacuation services. They closely work with insurance, travel, and corporate players to ensure a seamless employee experience abroad. The expertise of the FocusPoint International team lies in travel risk intelligence, security evacuation, travel tracking, as well as medical evacuation.
What Are the Biggest Risk For Business Travelers?
Potential business travel risks
- Safety and security;
- Terrorism;
- Local laws and customs;
- Entry needs;
- Health;
- Natural disasters; and.
- Money.
How Do You Assess Travel Risk Management?
- How to implement the risk assessment
- Identify environmental threats.
- Consider the individuals’ risks.
- Evaluate the risks and decide on mitigation measures.
- Communication and training.
- Review and update when necessary.
What Is Risk Management in the Tourism and Hospitality Industry?
Risk management helps employees to identify, analyze, assess, and hopefully avoid or mitigate risks coming from a variety of sources, such as financial upset, legal ramifications, accidents, natural disasters, data or cyber security breaches, and many more.
What Are Common Risks in the Tourism Industry?
The five major risks associated with tourism are “terrorism” (Richter, 2003), “war and political instability” (Sonmez, Apostolopoulos, &Tarlow, 1999), “health” (Richter, 2003), “crime” (Dimanche & Lepetic, 1999), and “cultural and language difficulties” (Basala&Klenosky, 2001).
How Many Sources of Risks Are There in Tourism?
Risk management in tourism takes into account four factors: the risk environment; risk identification; risk analysis; and risk treatment.
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FAQs on Travel Risk Management Companies
What is travel risk management?
Travel risk management is the practice of anticipating, preventing, and responding to hazards that business travelers may encounter while on the road. This also includes hazardous weather, social unrest, terrorism, natural disasters, public health events such as pandemics, and many other things.
What are fundamental risks?
The term “fundamental risk” refers to a risk that affects entire societies or a large population within society. Natural disasters such as earthquakes and hurricanes, as well as phenomena such as inflation and war, which typically affect large populations, are examples of fundamental risks.
What are the five method of risk management?
- There are five basic techniques of risk management:
- Avoidance.
- Retention.
- Spreading.
- Loss Prevention and Reduction.
- Transfer