7 Steps to Managing Travel Risks

Applying The Risk Management Framework To Travel

Watt’s the best way to approach travel risk management? The international standard for risk management is outlined in ISO 31000. At Travelyze, we use this framework in our assessments and recommendations that we make for clients.

Per International Risk Management Standards, there are 7 ways to manage risk. When you plan your next adventure, consider these methods to increase your chances of staying safe.

Avoid the risk. If you know that an area, such as a certain club or market, is unsafe, the easiest way to avoid the risk is to avoid going to the area. This is one of simplest ways to manage risk, but also one that vacationers don’t always follow. We all want to get the most out of our vacations, but sometimes it is best to avoid areas or activities. Most vacation destinations have a multitude of options for activities. If an activity poses a high risk, it is sometimes best to just choose a different activity.

Accept the risk in order to have the experience. This would be case where you just do something despite knowing it is risky and may result in negative consequences. This is not recommended.

Remove the risk source. Much like avoiding the risk, if you know something may cause troubles you can remove the risk. This can apply to electronics and computers that you may want to bring with you just in case. These pose a cyber security and identity theft risk. Remove the risk and leave them at home.

Change the likelihood of the risk. Keeping a low profile helps to make you less of a target and lowers the likelihood that you’ll be targeted by pick pockets, thieves or scam artists.

Change the consequences. If having your wallet stolen is the risk, you can lessen the consequences by carrying just the minimum amount of cash on you, keeping your credit cards separate, and having backup copies of your passport.

Share the risk with another party. One important way you can share the risk of some events while traveling is to have travel insurance. With travel insurance a third party is taking on some of the risk of stolen luggage, flight cancellations, and other things that might impact your travel.

Retaining the risk by informed decision. If you are going to do an activity that has been identified as a risk, studying all your options and taking steps to mitigate those risks though informed decisions is the best approach.