by Thejas Valluru
When you read ‘travel risk intelligence’ and ‘travel risk management’ for the first time, you might think they are interchangeable, but, in fact, they are not the same. One could guess that ‘travel risk intelligence’ would be a part of ‘travel risk management,’ because ‘management’ can be an umbrella term. That is a good guess, and it is correct! However, there are differences in terms of what they offer to their clients. Let’s take a look at the differences and how to choose a travel risk intelligence provider.
What is travel risk?
Travel risk is the ‘effect of uncertainty on objectives due to travel.’ Travel risks can range from unexpected weather changes, flight cancellations, worker strikes, and even violent acts like terrorist attacks.
What is travel risk management (TRM)?
Travel risk management is defined as ‘coordinated activities to direct and control an organisation with regard to travel risk.’ TRM tasks range from threat identification, contingency planning, itinerary management, and risk assessment (Travel Perk).
What is travel risk intelligence?
The general definition for ‘risk intelligence is a systematic approach to identifying, assessing, and managing an organisation’s risks’. This applies to the travel industry, where the organisation’s risk involves ensuring the safety of employees travelling for business purposes or protecting business assets in specific locations. Travel risk intelligence is a key component of successful travel risk management programmes and should be part of every organisation’s wider travel policy.
What is the link between travel risk management and travel risk intelligence?
Travel risk intelligence collects information from around the world through different sources such as news outlets, government press releases, social media, etc. Most travel risk intelligence firms clean up the data and provide risk assessments, advisories or recommendations for a destination. On the other hand, TRMs use travel risk intelligence firms’ information to keep travellers safe and informed as well as to assist them in emergency situations. This is just one example of how travel risk intelligence providers interact with travel risk management companies.
Travel risk intelligence for business travellers
Business travellers are always busy going to different parts of the world. For them, it is key to be aware of current local affairs and global events. With the use of risk intelligence, business travellers can gain necessary up-to-date travel information in real time. Travel risk intelligence vendors provide destination-based travel tips and precautions that need to be considered, such as requiring a vaccine, or a visa for entry.
Travel risk intelligence companies like Riskline put a major focus on providing up-to-date, high quality information. They also focus on providing real-time and human-verified information.
How to choose a travel risk intelligence provider?
Here are some things to look out for in a travel risk intelligence provider:
- Multiple information sources. The use of various sources for information can help companies triangulate and validate the information. This will increase the quality of their intelligence.
- Human-verified information and not just the use of artificial intelligence (AI). The use of AI can help collect vast amounts of data while human verification helps to maintain quality control of the information.
- A team of professional analysts with relevant backgrounds can help with gaining on-the-ground information because of linguistics and cultural advantages. Most often local news outlets break news before it reaches international news outlets.
- A worldwide team to cover many locations. A geographically spread out team can help in collecting information from all around the world. No matter where you travel, they will have the necessary information.
- Provide information in multiple languages and timezones. Information available in multiple languages makes it more accessible for non-English speaking end users.
- Offer 24/7 coverage – no matter what time it is, you will be able to always find the relevant information to help you with your travel.
Now you should be able to differentiate travel risk intelligence and travel risk management. Not only that, but with the help of this list, you should be able to select a great travel risk intelligence provider. Reach out to find out more about how Riskline can help you with top-notch travel risk alerts, advisories and destination research by booking a product demo.
