The Global Business Travel Association reports that a significant number of travel buyers rarely, if ever, conduct risk assessments—despite the fact that there’s a growing interest in risk management.
Do you know the risk factors facing your upcoming meeting? Don’t feel ashamed if you don’t—you’re in good company.
According to a recent report by the Global Business Travel Association, roughly a quarter of travel buyers focused on the meetings, incentives, conferences, and exhibitions (MICE) space say that they rarely or never conduct such risk assessments on specific venues, and another 24 percent say they never or rarely conduct similar assessments on nearby locales. And even those who do conduct risk assessments don’t always do so.
That’s despite the fact that for most organizations, risk management is considered a growing need when it comes to events. According to GBTA’s research, more than 60 percent of travel buyers call risk management a growing priority.
GBTA’s survey of 126 travel buyers [GBTA membership required] uncovered a number of other gaps in risk planning, including the fact that, while 80 percent of respondents said they create crisis communications plans most of the time, only 36 percent said they always do.
Ten to one, your event may not be dealing with a Fyre Festival-style catastrophe, but putting things to risk when there’s plenty of room for things to go wrong is a dangerous move, says GBTA Executive Director and COO Michael W. McCormick.
“Organizations are certainly making strides in the meetings risk management field, but current efforts leave something to be desired,” McCormick said in a news release. “Proper risk management can be the difference between a successful event and a catastrophic disaster. Although it’s encouraging to see more organizations do assess the risk of meeting locations, the research shows that many companies have some catching up to do.”
And, apparently, many are catching up, fast: The report adds that more than a quarter of respondents (28 percent) are looking into adopting a risk solution within the next year.