Critical event management (CEM) and national public warning software solutions provider, Everbridge, released findings that show only 24% of surveyed organizations have a strong Travel Risk Management (TRM) program in place as defined by TRM Standard ISO 31030. The results come from the company’s year-long study of more than 200 global C-suite executives. Additionally, only 21% of those surveyed feel that their organizations have adequate measures in place to meet the standard’s key requirements for travel safety.
“Addressing potential gaps in a company’s travel risk management program is critical to successfully building a more resilient workforce,” said Tracy Reinhold, chief security officer at Everbridge. “The good news is that the introduction of ISO 31030 has removed much of the guesswork in how to do that. But there is still plenty of room for improvement as organizations seek to mitigate risks and fulfill their duty of care. Even those in the top category should ensure continuous reviews of their programs and policies as risks consistently evolve.”
ISO 31030 is the officially recognized International Standard for travel risk management, providing guidance on how to manage risks to organizations and travelers. To help organizations benchmark their travel risk programs against this standard and identify any shortfalls, Everbridge developed Measuring Up Against ISO 31030 – The Travel Risk Management Standard, an online survey measuring the seven key areas of the standard: Understanding risk context; Managing travel risk effectively; Travel risk assessment and treatment; Incident response; Specialist support; Communication and consultation; and Program monitoring and review.
Among the survey’s key findings:
• Only 24% of respondents have a solid travel risk management program in place as defined by ISO 31030
• Only 27% of respondents have a clear understanding of their organization’s risk profile
• Only 36% of respondents feel that their TRM policies are aligned with other organizational policies
• Only 21% of respondents feel that adequate measures are in place to safeguard travelers
• Only 19% feel that policies and procedures have been effectively communicated and understood
• 81% believe their organization needs to improve the way their TRM program is evaluated and reviewed
Adds Reinhold: “While risks associated with the global pandemic dominated the attention of travel professionals for the last three years, severe weather events and civil unrest now pose the biggest threats to business travel. ISO guidance is a boon to travel managers as it gives them a chance to evaluate their own programs against industry standards. It is also a terrific opportunity to review and refresh established TRM programs.”