Corporate Travel Risk Management: Your Guide To Circumnavigating Risks in Corporate Travel

In our globalised world, millions of employers and employees find themselves travelling for business every year. With travel, naturally comes risks – and with risk, comes the need for a Corporate Travel Risk Management Plan.

Each business that asks staff to travel on the businesses behalf has a Duty of Care to that travelling staff member, and included in that Duty of Care is the responsibility to manage Corporate Travel Risks and ensure the staff member is as safe as they can be while travelling.

Developing a Corporate Travel Risk Management plan is crucial to the success of your corporate travel long term – so here are our top tips for developing your businesses Travel Risk Management Plan in 2024 and beyond.

Corporate Travel Risk Management Programs

Importance of Travel Risk Management Programs

Corporate Travel Risk Management Programs are programs in which Travel Arrangers or independent travellers must anticipate, prevent and react to any unplanned risks that travellers may experience on their journey. 

The level of Travel Risk that a business has to deal with will depend on the frequency of travel by staff and the areas in which a staff member travels to – however, as soon as a staff member begins travelling, it’s important to develop a Travel Risk Management Program to ensure any issues that arise on the road are dealt with swiftly and painlessly.

Defining a Corporate Travel Risk:

With travel naturally comes risks of some level – however it is the job of the Travel Arranger or those organising a staff member’s travel to ensure the staff member is safe while travelling. Travel Risks can be both with and outside of the businesses control, and can include:

• Safety – Ensuring the location of travel is safe, accommodation and transport are secure and proactively ensuring against any extra safety risks while travelling.
• Compliance – Ensuring all legal requirements are met in advance.
• Financial – Proactively anticipating any financial risks that the business may experience and putting preventative measures in to avoid this.
• Reputation – Insuring against any risks to the company’s reputation.

Avoiding Corporate Travel Risk: Best Practices

Particularly since the emergence of Covid-19, Corporate Risk Travel Management Programs have become more important than ever. Reviewing your Corporate Risk Travel Management Program regularly is important to ensure new and upcoming risks are covered, and time is no longer used on managing risks that are irrelevant. A handful of best practices when developing and implementing your Travel Risk Management Program are:

• Incorporate a Travel Risk Management Program in your Travel Policy
  It’s best practice for any business that has staff travelling on behalf of the business to have a Travel Policy, and a good way to ensure your Travel Risk Management Program is followed is to include this in your Travel Policy.
  When you first develop a Travel Policy – Usually with your Pulse Corporate Travel Arranger – you will include information on acceptable accommodation, any specific suppliers to utilise and what can and cannot be reimbursed. The first time you develop your Travel Policy is a great time to develop and incorporate your Travel Risk Management Program, as you can ensure all crucial travel information is kept in one place. It’s recommended that you regularly review your Travel Policy, and including your Travel Risk Management Program within this ensures you’re regularly reviewing your plan for relevant risks, as well.

• Ensure appropriate risk-management training for staff
  Sometimes things happen on the road that your staff will be required to deal with, and a big part of ensuring that your Travel Risk Management Program is followed is ensuring that your staff are appropriately educated on it.
  This training can be two-fold:
  Firstly, you’ll want to ensure that you proactively provide training for your staff on how to prevent certain risky situations, such as situations of fraud or cultural issues.
  Secondly, you’ll want to ensure your staff are clearly educated on what policies and processes to follow if something does go wrong that they’re not equipped to deal with, to ensure the business can deal with any other issues swiftly.

• Review your Travel Insurance Policy
  In many situations, travel issues can come with a hefty price tag – so it’s important you review your Travel Insurance Policy in tandem to ensure you’re covered financially for as many risks as possible.
  You can review your Travel Insurance Policy semi-regularly, and at the same time as your Corporate Travel Policy and Travel Risk Management Program. Your Corporate Travel Arranger at Pulse can help provide advice on all of these documents, ensuring your policies and programs are all up-to-date and everything is covered as much as possible.

• Leverage Smart Travel Software
  In the age of technology, software can be hugely beneficial in predicting and even preventing things from going wrong. Your Pulse Travel Arranger will have access to a range of technology options to help prevent against safety and financial risks, and can recommend other apps and pieces of technology for your staff to download for protection on the road.

Preparing for A Corporate Trip

As the saying goes, failing to prepare is preparing to fail – and there are a few key things that any staff member should do before preparing for a corporate trip to ensure their own safety and security.

• Check for required vaccinations and visas
  The last thing you or your staff want is to be caught mid-commute without the appropriate documentation, so ensure you’ve got the required visas well in advance. Some countries may also require certain vaccinations, or it may be advised to receive certain vaccinations due to health risks in certain countries, and your Pulse Travel Corporate Arranger will be able to advise regarding this.

• Ensure all electronics and valuables are appropriately insured
  Theft and misplacement of electronic devices are common occurrences when travelling – and the last thing you want is to lose or misplace a piece of company equipment. Ensure the businesses Travel Policy and Travel Risk Management Plan details what to do in the event of theft or loss of devices, and how to replace any necessary devices while travelling.

• Review your company’s Travel Policy and Risk Management Plan
  Your company’s Travel Policy and Risk Management Plan will be full of advice regarding what you should expect from your trip and what you should do if you’re caught in trouble, so it’s recommended that travellers review these documents and familiarise themselves with the appropriate processes before setting off. These documents can be supplied as part of a travel pack given by the Travel Arranger with tickets and other important pieces of information.

• Ensure you’re educated on the culture and traditions of the region
  A big part of travelling is experiencing other cultures and traditions – but it’s also important to be sensitive to these, as insulting someone accidentally could result in being arrested or fined. When booking travel internationally, speak to your Pulse Travel Corporate Arranger regarding customs and traditions of the region that you’re travelling to, and make careful note to follow these.

While risk is a natural part of travel – and life in general – being appropriately prepared can go a long way in mitigating and preventing many risks from occurring. The Pulse Travel team has over 30 years of experience in Corporate Travel, and can support you in developing your Travel Risk Management Program. For more information, get in touch today.