5 Key Strategies To Make Travel Risk Management Simple
Travel risk management is essential in ensuring your business trip is as successful as possible. Business travel management doesn’t need to be difficult, which is why we have listed the top 5 key strategies to utilise in order to make the most out of work when traveling for it. If you want to ensure the wellbeing of your employees and ultimately your business, pursue these easy-to-follow strategies.
Risk identification does what it says on the tin. By identifying risks, it is easy for your organisation to address them promptly, or even pre-emptively. For example, there is a risk of a financial loss if there isn’t proper liability insurance in place, or if an employee gets a speeding ticket, and so forth. A risk management process should certainly include this to counteract any adverse effects if and when the worst is to happen. Further analysis may also determine the risk of being low because meaning that this part of the risk management process should take the individual through several of these “what if” questions to help arrive at the potential frequency and severity of an event.
Avoidance is one of the best travel risk management methods. This involves the mitigation of risk by simply not participating in any form of activity that may well result in a serious consequence, such as injury or illness. Risk avoidance is the elimination of hazards, activities, and exposures that can adversely affect an organisation’s assets, seeking to avoid compromising events entirely.
Retention, simply put, is the acknowledgment of a risk as given. This accepted risk is a cost to help avoid larger, more serious risks down the line. Examples of this include things such as opting to select a lower premium health insurance plan that carries a higher deductible rate.
Loss Prevention and Reduction
This method of risk management attempts to minimise loss. Rather than opting to completely eliminate it, this strategy opts to accept the risk while staying focussed on keeping the loss contained, rather than completely preventing it. An example of this in health insurance is preventative care. Health insured highly encourage preventive care where members can receive annual check-ups and physical examinations. Many health plans also provide discounts to gyms and health clubs as another means of prevention and reduction in order to keep members active and healthy.
Risk control offers opportunities for risk avoidance, risk prevention, and risk reduction, and combined into one a risk control strategy implemented properly will consider the various strategies already in place and may introduce new techniques based on the findings of the analysis activity. Risk control implements methods where a firm evaluates potential losses and takes immediate action in the reduction or elimination of such threats. It is a technique that utilises findings from risk assessments, which involve identifying potential risk factors in a company’s operations. These can include things such as technical and non-technical aspects of the business, financial policies, and other issues that may affect the well-being of the firm.