Risk & resilience in retail and tourism

Managing risk to ensure future success

Learn how standards can help your business recover from disruptive incidents

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International business travel: What’s the risk?

Corporate trips, like all travel, halted abruptly when the COVID-19 pandemic shook the world and flights everywhere were grounded. But now, as business travellers begin to hit the road again, the dramatic events of the last year have highlighted just how important it is to be prepared for any eventuality. Every organization that asks people to travel for work can benefit from an improved approach to travel risk management. A new international standard gives guidance on how to manage the risks to an organization and its travellers undertaking business travel. BS ISO 31030:2021 Travel risk management. Guidance for organizations aims to promote a culture where travel-related risk is taken seriously, resourced adequately, and managed effectively. Why is Travel Risk Management Important? Business trips present an ever-changing risk landscape for organizations to navigate. Organizations need to meet their duty of care responsibilities, comply with any relevant legal and ethical obligations related to travel (across multiple jurisdictions) and have a plan in place to safeguard their staff. It is important to show employees that they are supported by their company when travelling on its behalf. Employees, whether travelling international or national, can be faced with unfamiliar situations and environments that have different risk profiles. Risks such as road accidents, disease outbreaks, natural disasters, as well as crime (including cyberattacks), terrorism, political and social instability, can threaten the safety, security, and health of travelling employees and affect the outcome of their business trip. All businesses need to demonstrate that travel decisions are based on their capacity to manage all the potential risks involved. Consequently, travel risk management is a strategic necessity - both in terms of business continuity and organizational resilience - since it demonstrates an organization’s commitment to protecting its employees. What Does BS ISO 31030:2021 Cover? BS ISO 31030 is a key tool to help any size organization put a realistic and comprehensive plan in place to manage risks and keep their workers safe when on the move. It provides a structured approach to the development, implementation, evaluation and review of travel risk management. The standard covers pre-planning and risk assessment of destinations and travel arrangements, security and information security precautions, challenges to travel logistics, emergency response and more, including: Policy Programme development Threat and hazard identification Opportunities and strengths Risk assessment Prevention and mitigation strategies To read more about how standards can help manage risks in the business or corporate travel sector, click here. What are the Benefits of Implementing a Travel Risk Management Framework? BS ISO 31030:2021 is the only international standard covering this topic and could be particularly important to organizations as they review their travel risk given the COVID-19 pandemic. This standard can help organizations to: Protect personnel, data, intellectual property and assets Reduce legal and financial exposure Enable business in higher-risk locations Enhance reputation and credibility, which in turn can positively impact competitiveness and staff retention and acquisition Contribute to strengthening business continuity and resilience Demonstrate to stakeholders that robust governance is in place, which may lower insurance premiums and make investors more willing to commit funds Enter new markets and accelerate innovation, by giving organizations the confidence to take opportunities they would otherwise miss Develop expertise in travel management Operate more efficiently and grow sustainably BSI is also committed to the UN Sustainable Development Goals, with this standard contributing to Goal 3 on good health and well-being and Goal 8 on sustainable economic growth, productive employment and decent work for all, and Goal 11 on making cities and human settlements inclusive, safe, resilient and sustainable. Wherever your team are in the world, ensure they have access to all your BSI standards in one place, with a BSI Knowledge subscription. Becoming a subscriber will give your employees the flexibility and visibility to comply with risk management best practices and your other standards, no matter where their work takes them. Request to learn more. Ensure your organization is managing its corporate travel risk effectively, by adopting standard BS ISO 31030:2021 today.