In the first part of our travel risk management (TRM) series, we explored why having a TRM program is a critical part of running your business. The next step towards implementing a successful TRM program is to ensure the effective acquisition and management of data. But, data collection alone can’t support a TRM program. To be successful, it needs to combine all traveler data in one place.
Nearly one-third of those surveyed by BTN said that TMCs are their primary external TRM partners, and they are often relied upon to aggregate the relevant internal and external data from travelers. At a minimum, TMCs should be able to supply you with information on travel booked, but should ideally go deeper and gather information on who is traveling where, when and how, as well as risk alerts and news on pending and current incidents (think airline strikes, airport closures and weather warnings). Additionally, a comprehensive TRM program will also track HR information including employees’ personal details (emergency contact, personal mobile number, etc.).
But, when a booking is made outside of the TMC, that travel data is typically unavailable. And, as bookings are increasingly made directly with suppliers, this creates a big black hole of data in your TRM program.
So, what’s the best way to coordinate these multiple data sources?
It’s important to think about the entire ecosystem of travel risk management. First, multiple stakeholders should be identified, as making TRM the sole responsibility of the travel department is an uneven burden. Secondly, businesses should have a system that centrally aggregates all internal and external data in order to precisely pinpoint traveler locations. Finally, compliance management is key to ensuring quality data from travelers.
To learn more about the basic stakeholder and data requirements necessary for effective travel risk management, download part two of our TRM whitepaper series: The travel risk management imperative, produced by the BTN Group.
Then, see how Concur Locate enables you to fulfill your duty-of-care responsibilities.