Understanding Travel Risk Management
In today’s global landscape, the safety of employees during business travel has never been more critical. Organizations are increasingly recognizing the need for a robust travel risk management (TRM) program that not only fulfills their duty of care obligations but also enhances the overall traveler experience. Here is some information, advice, and materials developed by BCD Travel’s Global Crisis Management team to help you understand the complex world of travel risk management and the tools available to corporate customers.
What is travel risk management?
Travel risk management is coordinated activities to direct and control an organization with regard to travel risk. The importance of TRM has surged recently, driven by the need to address various travel risks such as health concerns, natural disasters, and political unrest.
What is Duty of Care?
Duty of Care is the moral responsibility or legal requirement of an organization to protect the traveler from hazards and threats.
Organizations that prioritize TRM not only fulfill their employer’s duty of care obligations but also bolster traveler confidence and productivity during business travel. A comprehensive travel risk management program equips companies to identify, assess, and mitigate risks effectively, ensuring the safety and security of their most valuable asset: their people.
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Your TRM program should be unique to your needs
Your travel risk management program should be unique to your company and your travelers. Factors like company size, industry, travel type, destinations, and traveling population all play a role. Not every company needs an expensive third-party risk solution. Many times, your travel management company (TMC) can provide the support you need to manage traveler risk. When deciding on a TMC, make sure you look for a company that leverages technology and human oversight to solve your travel risk needs.
BCD Travel leads the industry in Travel Risk Management
At BCD, we combine the latest technology with human oversight and expertise to manage each part of the program. We provide a menu of innovative digital solutions that support your goals, all backed by 24/7 monitoring from our award-winning Global Crisis Management team. If you need more, we have that too. We partner with the industry’s best Travel Risk Management providers to support a truly seamless program.
