With Europe becoming embroiled in rows over border controls, high-profile terrorist attacks and global medical crises, a robust risk management policy is more important than ever... So BBT has provided four risks facing business travel and four top tips to create an effective risk management strategy.
- Schengen: International business travel will face uncertainty in Europe amid questions over the viability of the Schengen Agreement.
- Terrorism: Large scale and indiscriminate attacks are some of the biggest risk to both individual travellers and companies overall. And gaining traction in Asia, south and east.
- Capital Controls: Commodity-dependent emerging markets could impose capital controls, as Azerbaijan has done, including taxes on exporting foreign currencies. This could result in scrutiny being applied to business travellers.
- Volatile Markets: Slumps in natural resource prices could cause instability in some regions, with significant inflationary pressure on emerging market currencies.
Top tips on creating an effective risk management strategy
- Advocate the right risk culture – become adept at dealing with more volatile situations.
- Be smarter – know how to use security reports, risk data and local knowledge.
- Adopt a more forward looking approach – we need to do business, so we must travel.
- Adapt to being in a new environment where the only constant is change.
Read Nick Easen’s full article on risk from the March/April issue of BBT