The Risk Reward

Travel threats are real and varied, so creating a program to address them takes a big picture effort
Travel risk managers are in a unique position to help safeguard employees during business travel. Yet in today’s complicated world, how exactly do they go about doing that? It’s not just disruptions they must worry about; it’s compliance, budgets, training, education, sometimes even tax codes. Suffice it to say, travel managers need a straightforward framework to create a travel risk management policy. Otherwise, they run the risk of being overwhelmed and the TRM program becoming ineffective.

At the baseline, a sound TRM program must have two equally significant components: A duty of care policy – which focuses on prevention – and a crisis management plan. Duty of Care encompasses what “reasonable care” and responsibilities the company may assume to protect its travelers from harm; that is, it defines a moral and legal obligation to ensure the safety and well-being of travelers.

Duty of Care and Risk Management

Duty of Care is a proactive strategy that can cover disruptions such as natural disasters and terrorist attacks, but also components of a traveler’s physical health or mental well-being, as well as other mishaps such as laptop theft or passport loss. Business accident and security policies, travel safety intelligence, traveler tracking, the utilization of an in-house security team or an outsourced risk vendor, all fall under Duty of Care.

Categories: special reportDuty of Care and Risk Management

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