The GBTA Foundation, the education and research arm of the Global Business Travel Association, recently announced the launch of the new Travel Risk Management Maturity Model (TRM3™) Self-Assessment Tool. The update to the TRM3 tool was created in partnership with iJET International thanks to a special task force of GBTA members and industry experts.
20 percent of organisations lack a risk management plan
“This single biggest issue for our members right now is duty of care,” said Michael W. McCormick, GBTA Executive Director and COO. “A recent lightning poll survey of our global members following the terror attacks in Brussels showed 20 percent of organisations do not have a risk management plan in place and an additional 8 percent are unsure if they have a plan. Clearly there is work that still needs to be done. The new TRM3 tool is designed to help companies evaluate their risk management programme and identify opportunities for improvement.”
“Empowering organisations to protect their people, assets and reputation with the right solutions. That is why we come together to share best practices and provide operational standards for success,” said iJET CEO, Bruce McIndoe. “At the end of the day, keeping people safe is really what matters.”
Effective improvement across multiple process disciplines
The new tool is a major update over the current TRM3 tool in place and now assesses each key performance area of a travel risk management program in greater detail and also provides specific recommendations to help companies take their programme to the next level. The TRM3 can help guide efficient, effective improvement across multiple process disciplines within an organisation – legal, HR, travel, safety, security and business continuity.
The self-assessment tool looks at the following 10 categories: policies and procedures, education and training, risk assessment, risk disclosure, risk monitoring, risk mitigation, response and recovery, notification, data management and program communication. Based on the answers, it rates the program from “Level 1" defined as reactive up to “Level 5,” which is defined as optimised indicating that the travel risk program is integrated throughout the organisation.