Failing to establish and maintain confidential corporate travel policies could lead to potential security, compliance and financial risks, according to a study published by CMAC Group.
Employee safety is the top risk factor, with 40% of business travellers journeying alone, often to unfamiliar locations.
Half of travellers also arrange their own ground transportation, sometimes without company approval, which leaves them vulnerable to security threats.
A poorly defined travel policy could also lead to employees overspending and misusing funds. To prevent this, clear budget guidelines and regular policy updates are paramount.
Legal and reputational damage can also be caused by a non-compliant policy. This includes forgoing data privacy regulations such as GDPR.
Regular reviews of travel policies are recommended to help maintain compliance and safeguarding.
Peter Slater, CEO of CMAC Group, said: “An exposed or incomplete travel policy can leave companies open to unnecessary risks, from compromising employee safety to facing unexpected expenses. Companies need to make sure that their policies are up to date, secure and user-friendly, so both employees and the organisation are protected.
“A well-structured policy promotes adherence, helping employees make informed decisions while on the road. Simplicity is key to encouraging compliance and minimising risk.”
