Since the pandemic there is an increased awareness of business travel risks and the need for adequate preparations, including insurance. Clear legal obligations of employers and the growing complexity of global risks mean the basics are no longer enough. But how do you best protect your greatest asset – your employees?
A huge step forward in business travel risk management has been the emergence of ISO 31030 which provides organisations with a benchmark for assessing, building, and implementing an effective travel risk management framework.
Our Spotlight on Business Travel series provides practical tips, insight and advice from industry leaders and risk managers:
REPORT 1: 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.
REPORT 2: 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.
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.
Vice President Accident & Health, EMEA, Chubb
How does the insurer play a role in supporting their clients to create a strong risk management plan?
How can risk managers create an effective culture to manage business travel risk?
Why is it important for companies to have multiple key functions involved in managing travel risk?
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