According to a recent survey conducted by BCD Travel, a global corporate travel management company, many corporate travel policies lack clear standards for managing risk. The survey found that while most companies have a travel risk management policy in place, many fail to establish specific standards for managing risk, leaving employees uncertain about how to proceed in the face of potential threats. In this article, we will explore the survey results and what they mean for businesses.
The Survey Results
The BCD survey, which included responses from over 600 travel managers, found that while 95% of companies have a travel risk management policy in place, only 45% of those policies include specific standards for managing risk. Additionally, only 25% of companies have a formal system in place for assessing the risks associated with business travel.
The survey also found that travel managers often lack the resources and support needed to effectively manage travel risks. For example, only 37% of companies provide training for employees on how to manage travel risks, and only 34% provide a dedicated travel risk manager or team.
Implications for Businesses
The survey results have significant implications for businesses that rely on corporate travel. Without clear standards for managing risk, employees may be uncertain about how to respond in the face of potential threats, putting their safety at risk. Additionally, the lack of resources and support for travel managers can make it difficult to effectively manage travel risks, which can lead to increased costs and potential liability.
To address these challenges, businesses may need to take a more proactive approach to travel risk management. This could include establishing clear standards for managing risk, providing training and resources for employees, and dedicating staff to manage travel risks.
Businesses may also need to work more closely with their travel management companies to ensure that they have the support and resources needed to effectively manage travel risks. This could include leveraging technology to track and analyze travel data, as well as partnering with experts in travel risk management to develop comprehensive risk management plans.
Conclusion
The BCD survey highlights the need for businesses to take a more proactive approach to travel risk management. While most companies have a travel risk management policy in place, many lack specific standards for managing risk, which can leave employees uncertain about how to respond in the face of potential threats. By establishing clear standards, providing training and resources, and working closely with travel management companies, businesses can better manage travel risks and create a safer, more secure environment for their employees.
