By: Ray Rackham

February 19, 2024  

This article is part of a series of resources focusing on Travel Risk Management, including blogposts, e-books, webinars, and podcasts. These resources have been created by CIBT in association with GBTA, following the publication of a December 2023 study entitled Travel Risk Management (TRM) in a Post-COVID World. Download the full report here.

In today's rapidly evolving corporate landscape, the adoption of Travel Risk Management (TRM) best practice is not a one-size-fits-all approach but rather a nuanced process influenced by various factors—one of which is company size. 'Travel Risk Management (TRM) in a Post-COVID World' reveals insightful data underscoring how organizational scale can significantly shape TRM strategies and implementations.  

The varied landscape of TRM ownership 

The report makes it clear that TRM's ownership and emphasis vary substantially with the size of the organization. While larger corporations are recognizing the increased importance of TRM post-COVID, with 69% of travel managers in large corporations considering it a higher priority, the approach to TRM best practices and the ownership of TRM-related functions diversifies across different company sizes. 

SMEs, middle market, and semi-large Companies 

For smaller to medium-sized enterprises (SMEs), middle market, and semi-large companies, there's a trend towards the travel department owning significant portions of the TRM functions. This ownership is likely due to the leaner organizational structures, where the travel department often takes on broader responsibilities due to fewer specialized departments. However, this increased responsibility doesn't always translate into comprehensive TRM practices, potentially leaving gaps in risk management strategies. 

Large corporations and major corporations 

On the other end, large and major corporations, with their extensive resources and global presence, tend to have more formalized and segmented TRM structures. While this allows for specialized attention to different TRM aspects, it also requires robust coordination and integration across departments to ensure cohesive TRM practices. The data indicates a higher prioritization of TRM post-COVID in these organizations, signifying a move towards fortifying their risk management frameworks in response to the evolving global risk landscape. 

The budget conundrum 

Interestingly, despite the heightened prioritization of TRM, the report highlights that TRM budgets have largely remained flat across organizations of different sizes. This discrepancy suggests a focus on optimizing existing resources, enhancing stakeholder engagement, and perhaps a strategic allocation of responsibilities within the organizations to address TRM needs effectively without significant financial investment increases. 

Collaboration and integration: The keys to effective TRM 

Regardless of company size, one constant remains—the necessity for collaboration and integration across various departments. TRM is a multidisciplinary endeavor, requiring inputs and coordination from travel departments, security, HR, legal, and compliance teams. The interplay between these departments and their joint efforts in owning and managing TRM functions is crucial in developing a comprehensive, responsive, and adaptive TRM strategy. 

As companies navigate the complexities of the post-COVID world, the integration of TRM best practices tailored to the organization's size and structure is paramount. While larger organizations benefit from specialized departments, the agility and integrated approach of smaller entities also offer valuable lessons in efficient TRM practices. The common thread for success, irrespective of company size, lies in collaborative strategies, resource optimization, and a proactive stance on evolving global risks.  

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