Risk management is often talked about at companies large and small. But what models are various companies using for risk management?
Risk management is a key function at any business whose employees regularly travel. In the wake of 9/11, companies began paying more and more attention to the health and safety of their traveling team members, not just with terrorist attacks in mind, but also with natural disasters and other incidents.
Risk management is not to be confused with duty of care. We recently wrote about the differences between the two. In short, duty of care is the responsibility a company has to keep its travelers safe, while risk management is the actions that company takes to live up to its responsibility.
Of course, TSA agents and security officers help provide a certain level of protection for all travelers, and we honor them this month during National Security Officer Appreciation Week, which is Sept. 16–22. But many companies take the protection of travelers one step further by choosing a travel risk management solution.
There are 3 general travel risk management models. Here’s a look at those 3 models, as well as the different kinds of companies that might benefit from each.
1. Risk Management Through a Travel Management Company
Many travel management companies provide services that include risk management to at least some degree. In most cases, a travel management company uses booking information to gather information about travelers and then pinpoint individual travelers when dangerous situations emerge — like natural disasters or terrorist attacks.
The specific tools and level of risk management services will vary from company to company. Some may even offer a base level of risk management services based solely on booking data, and then make available more advanced tools like two-way messaging and map interfaces at an additional cost.
Travel management companies are sometimes used in tandem with dedicated risk management firms (more on them in a moment). For example, a travel management company’s data and information may integrate with a risk management firm’s tools and resources to provide the most accurate snapshot of where a traveler is and how he or she might be helped in case of emergency.
Choosing a travel management company for risk management is best for:
- Companies whose employees often travel
- Companies whose employees rarely travel to high-risk areas
- Companies that already use a risk management firm and want even more data
2. Risk Management Through Concur (or Other Technologies)
In 2017, Concur launched Risk Messaging, a tool that the company called the “first integrated traveler risk management solution and active monitoring service.”
Concur’s Risk Messaging provides an array of helpful tools for companies who need to monitor travelers as part of their duty of care obligations. Risk Messaging features around-the-clock monitoring of travelers, data feeds, map interfaces that show travelers’ locations based on booking information, integration with other data sources (like invoices from Uber) and more.
One of Risk Messaging’s most helpful tools is two-way communication. In case of emergency, companies and travelers can communicate with one another, and Risk Messaging can even display which travelers have checked in and which have not at any given time.
Choosing a travel technology for risk management is best for:
- Small companies with fewer resources to commit to risk management
- Companies whose team members rarely travel to high-risk areas
- (Even small companies should hire dedicated risk management firms if employees do visit high-risk destinations.)
3. Risk Management Through Full-Service Companies
There are firms that live and breathe risk management — it’s all they do. Most full-service risk management companies provide comprehensive services that include two-way messaging, tracking tools, around-the-clock monitoring, map interfaces and much more.
Many full-service risk management providers also make available on-the-ground support in case of emergencies. They can provide in-person assistance or even evacuation services in locations around the globe. Risk management firms can also work in tandem with travel management companies and technology solutions (like Concur’s Risk Messaging) to gather as much information as possible and to provide the best service possible.
Choosing a full-service company for risk management is best for:
- Companies that regularly send employees to high-risk areas
Discover Our Complete Duty of Care and Risk Management Solution
At JTB Business Travel, we provide a complete duty of care and risk management solution, including risk alert emails and 24/7 location monitoring. If you’re looking for a risk management solution that protects your travelers and that helps your company live up to its duty of care obligation, we provide the comprehensive service you need.
Choosing JTB Business Travel for risk management is best for:
- Mid-size companies that need risk management help
- Companies whose employees travel often but rarely to high-risk areas
- Companies that need a solution that’s more affordable than a dedicated risk management firm
- Companies that need a single source for management
Contact us today to learn more about our risk management services.