Data and Reporting
Corporate Credit Card
Does your company have a Corporate Credit Card program with the following benefits?
Checklist
- Streamlined payments, processes, and policies
- Comprehensive data for employee and traveler tracking
- Global traveler accident insurance and assistance
Streamlined Payments, Processes, and Policies
- Company transactions are automatically downloaded and can be integrated with the accounting system for internal billing and central payment purposes.
- Reporting needs are identified to receive cardholder information in the format best suited for vendor negotiations.
- Development and maintenance of a Travel Policy, with updates and communications regarding authority, responsibility, and limitations.
Comprehensive Data for Employee and Traveler Tracking
- Reporting that provides detailed travel activity, itineraries, patterns, and usage.
- Transactions include merchant and location information.
- Analysis of city pairs by air carrier and class of service.
- Hotel and car rental frequency data by chain and location.
Global Traveler Accident Insurance and Assistance
- Cardholder coverage for tickets purchased with the corporate card for business travel worldwide. Members are automatically insured against accidental bodily injuries that result in death or dismemberment from accidents while traveling by any licensed common carrier.
- Auto rental insurance coverage and claim assistance.
- Support and referral services for medical, travel assistance, and emergency services to cardholders requiring assistance while traveling.
- Excess Lost/Damaged Luggage Coverage for both checked and carry-on articles when a ticket is charged to the corporate card.
Recording and reporting relevant data are crucial components of an organization's duty of care and compliance in Travel Risk Management (TRM). Numerous processes, procedures, and data metrics need to be appropriately stored and reported. These data are sourced from TRM program documentation and metrics. Regardless of the organization's size or complexity, it is essential to maintain a detailed repository of travel information, traveler reports, incident records, risk assessments, informed consent records, and documented lessons learned. This helps identify TRM strengths and weaknesses, allocate resources, adjust procedures, and illustrate priorities to senior management. Effective two-way communication with top leadership and robust mechanisms for emergency reporting are vital. Sharing lessons from incidents and near misses is essential for continuous improvement in risk management.
Additionally, relevant data and reporting may contribute to the continuous improvement of an organization’s TRM program. An organization should establish a system to evaluate, monitor, and review the effectiveness of its TRM program and identify strengths and weaknesses to guide further development and improvement. If an organization has contracted a third-party TRM provider, the TRM provider will typically provide relevant data that can complement an organization’s internal sources of information. In this case, some TRM providers may provide benchmarking data.