Whether it’s to nurture relationships with clients, attend industry events and conferences, or finalise a deal with key partners, we know that corporate travel is a vital driver of growth and success for many businesses.
However, despite all the benefits, business travel can create uncertainties and challenges which pose a risk to your company and its people. In this blog, we explore how to manage this risk and explain why it should be considered a vital aspect of any business travel management programme.
Safety above all
The safety and well-being of staff should be a crucial responsibility for every organisation. While often business critical, corporate travel, especially long-haul, can introduce a variety of risk considerations. This includes everything from travel delays and cancellations to health emergencies, natural disasters and political unrest. A robust risk management strategy equips those travelling with the necessary support and information before, during and after their trips.
Peace of mind matters. Knowing that a company takes its duty of care seriously and will take steps to mitigate risks can significantly boost your team’s confidence. This, in turn, enhances their performance and focus during their travels, ultimately benefiting the company’s objectives.
Preserving business continuity
A single unexpected event can disrupt the best-laid travel plans and result in significant financial losses for a company. Consider a scenario where a key executive is unable to attend a crucial meeting due to a cancelled flight. The cost of missed opportunities, rescheduling, and potential damage to the company’s reputation can be substantial.
By incorporating risk management practices, businesses can take proactive measures to mitigate financial risks. The ability to be agile and fall back on well-informed contingency plans will allow you to respond quickly to the unexpected and keep your objectives on track.
A well-rounded risk management approach doesn’t just focus on the immediate travel period but also takes into account the broader range of potential risks – including health crises, geopolitical tensions and natural disasters. In a post-COVID world, the need to have an adaptable approach to business travel has never been more important.
Empowered to achieve
In the modern context, integrating a risk management strategy into your travel plans is a business-critical necessity. By doing so, you are ensuring the safety of your employees and protecting the strategic interests of your business. A proactive approach to risk management in travel allows you to confidently navigate the potential pitfalls of long-haul business travel and seize its opportunities with confidence.
We recognise the need to have a credible, effective and wide-ranging risk management strategy for your business travel needs. To meet this need, we are proud to offer an integrated, tailor-made solution as part of our 360 technology suite developed and managed in-house.
360 Secure is a risk management dashboard based on world-class intelligence. Its live risk maps and automatic push notifications provide up-to-date information on severe weather events, public health risks and detailed security briefs for all active travel plans. It takes into account all aspects of your travel policy including separate travel itineraries for key people as a form of risk mitigation.
It also provides country-specific, comprehensive risk assessments and summaries of safety measures in place at all international airports, allowing you to make informed decisions at the point of booking. In addition, the 360 Aware platform provides instant alerts on flight cancellations, delays and disruptions to check-in and connections 24 hours a day.
For more information on our products and services or to book a demonstration of our technology platforms, get in touch with our team of experts today: https://bfp.travel/contact/.