Management of Travel Risk and Predictable Risk

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Every manager in the fields of travel, human resources, and management should be aware of foreseeable risk, foreseeability, and travel risk management. We will discuss foreseeable risk, foreseeability, hazard identification, and travel risk assessments in this article in order to reduce or eliminate travel risk and adhere to the company’s social goals and legal requirements.

Travel risk management

Travel risk management is a term used to describe the planning and execution of travel activities. It involves identifying risks, managing them, and mitigating their effects. Travel risk management is a continuous activity that requires constant monitoring and evaluation. Travel risk management includes the following steps:
• Identify potential risks
• Evaluate the likelihood of occurrence
• Determine the severity of the consequences
• Develop strategies to manage the identified risks
• Implement the strategies
• Monitor the effectiveness of the strategies

Foreseeable risk

A foreseeable risk is a risk that could occur if certain conditions exist. These conditions may be related to time, place, people, or things. A foreseeable risk is one that could have been predicted based on past experience.

Foreseeable risk is any risk that is known before traveling. Examples of foreseeable risks include:
a) Weather – knowing what the weather will be like at your destination;
b) Security – knowing if there will be heightened security measures at your destination;
c) Transportation – knowing how long it takes to get to your destination;
d) Accommodation – knowing whether or not you will have access to accommodations while away from home;
e) Health – knowing if there are any medical issues that could arise while traveling;
f) Other – knowing about any other risks that might occur while traveling.

Unforeseeable risk
An unforeseen risk is a risk that was not anticipated. An unforeseeable risk occurs unexpectedly and cannot be prevented.

Mitigation refers to actions taken to reduce the probability or impact of a risk. Examples of mitigation include limiting exposure to a risk, reducing the frequency of a risk, and increasing the capacity to respond to a risk.

Travel risk management is the practice of identifying risks associated with travel and planning strategies to mitigate those risks. These risks may include delays, flight cancellations, lost luggage, weather conditions, etc. There are many ways to manage these risks including pre-planning, contingency plans, and emergency preparedness.

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