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The inside view from risk managers- Business Travel risk and ISO 31031
Details how the ISO 31030 standard is a key tool to help any size of organisation put a realistic and comprehensive plan in place to cover all aspects of their travel risk management and provides a summary checklist for businesses looking to develop or evolve their plans.
Gives an inside view from a survey of risk managers and interviews with companies such as Honda Europe, Capgemini and PwC about how companies are developing their business travel risk action plans, the benefits of using ISO 31030, the challenges and the best way to overcome them, and the roles and responsibilities around managing business travel risk.
The amount spending on international business travel is set to increase by the end of 2023
“It is a set of guidelines providing a framework, not a template or prescription for managing travel risk. It has been developed by experts and you are getting the benefit of that intellectual capital.”
CEO, Airmic
Eight key takeaways
ISO 31030 provides companies with a benchmark to assess, build, implement and review an effective travel risk management framework.
ISO 31030 is elevating the importance of duty-of-care, the involvement of more organisational roles, testing and training of a company’s business travel processes, and employee’s awareness and engagement of a company’s travel risk management procedures.
Companies should involve multiple stakeholders, including HR, IT, and line mangers in the development of travel risk management plans, and all should understand the risks and impact on the company’s duty of care.
A more forensic approach should be applied by companies to capture and account for the risks posed by business travel in their risk management framework.
The risk management function has a crucial role to play in securing senior leadership buy-in and ownership of the travel risk management plan.
Post-travel debriefings, testing, and training are important for improving travel risk management plans.
A company culture, set by senior leadership, where travel-related risk is taken seriously should be promoted to ensure that employees are fully understanding and aware of procedures and what help is at hand for them when abroad.
Insurers have shifted from a reactive to proactive approach and can play a partnership role in formulating a policy that fits a company’s needs to support a comprehensive travel risk management plan.
The reports
Essential things to know about the ISO 31030 standard on managing travel risk
The inside view from risk managers – business travel risk and ISO 31030
“It is crucial that there is board level buy-in for a travel risk management plan and that the senior management can communicate the plan to the rest of the employees.”
Vice President Accident & Health, EMEA, Chubb
How does the insurer play a role in supporting their clients to create a strong risk management plan?
Claims case studies
We received a call from the client at our 24/7 emergency assistance centre. Our client, who was usually based in the UK, was travelling in the US and had developed a high fever and flu-like symptoms.
A customer based in Italy was on a company ski trip in Bulgaria when she had an accident on the slopes and crashed into a tree.
Our customer based in France was travelling by road to a manufacturing site in Colombia and was in a serious car crash.
Insights
