World events like the November 2015 Paris attacks highlight the value risk management plans offer to managed travel programs. But a recent Business Travel News (BTN) survey found a number of small- and mid-sized enterprises (SME) don’t have programs in place.
In a recent interview, BCD Travel’s Senior Vice President Kathy Bedell told BTN the absence of TRM programs is likely due to cost. She estimated that a basic travel risk management program from a third-party provider costs $10,000 a year, an expense that some companies might find challenging to cover.
SMEs and travel managers who are ready to take action can start with an assessment like GBTA’s Travel Risk Management Maturity Model™ (TRM3™) to find the weaknesses in a current risk management program or to help develop a new one. Bedell, who was part of the committee that developed TRM3, said it determines where the real liabilities are and what the next steps should be. She said a common weakness for SMEs is not consolidating with one travel management company and not managing all of the company’s travel.
Once a company is ready to develop a plan, Bedell said the SME needs to involve the right people. Companies should also reach out to their TMCs to share resources, information and contacts, Bedell said.