High-net-worth, high risk: travel risk management for HNW clients

An initial risk assessment is crucial for accurately determining what a given client requires and establishing an in-depth picture of these needs. Although it may be given a different name depending on the company in question, this first step occurs across the board. “Each risk scenario requires a tailored approach, which is where our comprehensive onboarding process comes in,” explained Martin Veale, Operations Director, Solace Global Risk. “Through this process, we build a detailed picture of the individual requirements needed, and create a security strategy that ensures all bases – including in-depth risk assessments, extensive personnel vetting, intelligence analysis, deployed residential security teams, and TSCM (Bug) sweeps.”

ITIJ also spoke with Lee O’Sullivan, Head of Global Security Operations, Everbridge, who confirmed the importance of risk assessment as a critical starting point. “The process begins with a risk assessment that looks at several different elements of what we would call their ‘risk profile’,” he told ITIJ. “If we’re looking at HNW or senior executives, they have a higher risk profile as they may be more likely to be targeted because of who they are and what their role is, be that on business, travel, or in their personal life.”

Rick Sheer, Director of Security Risk Management at Northcott Global Solutions (NGS) Ltd, added: “Client priorities and risk appetite vary greatly, and policies are the link between an organisation’s vision, values, and day-to-day operations. It is rare for companies to have identical policies but they all should guide decision-makers on how to handle issues as they arise.”

Before a trip: intel and training

There are measures to be taken ahead of travel, including safety training and sharing of important information, along with the implementation of risk mitigation strategies. “We think about what needs to happen before the trip,” O’Sullivan told ITIJ. “First, is there some form of training that either that individual, or the security team, or the management team needs to receive? If we’ve identified there’s a high pickup and ransom threat as part of our risk assessment, we may suggest that the individual travelling receives some form of kidnap and ransom training on indicators that they’re being targeted and what to do if they are kidnapped. Additionally, we can offer training for the management team on what to do if there is a kidnap situation.”

Coleman also highlighted the importance of intelligence and training before a trip: “We provide intelligence about the destination and advice to prepare for travel, which can include situational awareness and health and safety training,” he stated. “We also provide ways to mitigate any risk, like with executive protection and secure car and driver services. Our on-the-ground agents in over 130 countries are vetted, know the local culture and language, and are trained and experienced in security.”

Sheer added: “When working with HNW clients, NGS first assesses the individual’s risk profile and experience in the context of their destination. The pre-travel phase is essential in ensuring that risk exposure is reduced to within acceptable tolerance levels. This is achieved in several ways and can include training/education, the use of technology, and physical assistance in-country. HNW clients, specifically, can present an additional ‘layer’ of vulnerability and we evaluate their needs, sensitivities, and privacy requirements, to provide the optimal duty of care support that is proportionate (but not intrusive). Women, members of the LGBTQ+ community, disabled people, and minorities face unique challenges which have historically been overlooked in the security risk management industry. NGS prioritises these individuals so business travellers from all backgrounds feel supported. This could include spending more time risk assessing a destination, the cultural environment, and the availability of specialist support assets.”

It all comes down to safeguarding a person without impacting their day-to-day movements or privacy

A safe and secure journey

When it comes to the solutions available to HNW clients, O’Sullivan said that a number of different services are provided as part of Everbridge’s ‘secure journey management’. “At its most basic level, it provides a security team to move people from points A to B. Additionally, we look at what contingency planning needs to be in place prior to the trip. If there is a security incident of some type, how do we plan to respond? One of our core services is global security assistance. We've got a proven pedigree of providing support to clients on a global scale. So, if there is an incident and we need to evacuate an individual, we’ve already got procedures and processes set up.”

Veale said that what sets Solace Global Risk apart is access to specialists: “This is through our 24/7 UK-based security operations centre, and includes support from intelligence analysts, kidnap for ransom experts, and emergency evacuation teams across the globe. With this always-on response hub, we can track and safeguard anywhere, at any time.”

Coleman agrees with the importance of round-the-clock coverage: “Via their mobile app, clients can contact our 24/7 Operations Center, staffed with medical and security professionals who immediately assist the client, whether it be an illness, injury, or security incident, and dispatch our local agents as needed.” He said that Global Guardian’s offering includes air ambulance medical evacuation, kidnap, ransom and extortion coverage and security response services: “With Air Ambulance medical evacuation services, our team transports clients who are hospitalised while travelling to their hospital of choice (versus other travel insurance solutions which only bring patients to the closest capable facility). Our kidnap, ransom, and extortion coverage provides families direct access to expert consultants and negotiators and covers them from any unforeseen financial damages. Our Security Response services provide secure evacuation at no cost in the event a client is in a country that receives a Do Not Travel Advisory Escalation from the US State Department – potentially due to political unrest. These are all included with our family membership.”

“NGS completes a comprehensive assessment of the country/regional threats to which travellers may be exposed,” said Sheer. “Subsequently, we can then make a full appreciation of their vulnerability to each threat and the risks they face. NGS will then advise on the protective security and other measures that will reduce the client’s risk exposure. This gives clients peace of mind that they will be making a journey following a process of thorough assessment and safety checks.”

Managing great expectations

Of course, with a specific demographic comes specific expectations and, for HNW clients, privacy and convenience are keywords. “It all comes down to safeguarding a person without impacting their day-to-day movements or privacy. After all, a client’s safety is uncompromising,” said Veale. “Our technology plays a key part in facilitating this, allowing a security team to monitor and operate discreetly, so that a principal may work confidently in any location, safe in the knowledge that a response team is on hand around the clock, in any time zone.”

Coleman agrees: “The easiest way to convince your client not to implement security measures is to have it become intrusive in their life or an inconvenience,” he told ITIJ. “Security needs to be built around the lifestyle of the individual and/or family. They should not have to conform to the security; it’s the security procedures and mitigation that need to conform to the client. That is the most important part when working with HNW travellers – the security must be complementary to their lifestyle and enable the things they want to do when travelling, whether for leisure or business.”

Achieving a balance

Considering the challenges faced when dealing with HNW clients, O’Sullivan said a key issue is scepticism around the need for security: “One of the biggest challenges that we face with a lot of senior executives is they feel that they don’t want security. Therefore, we have to balance their wishes with the company wanting some form of security to be in place. We have several ways of approaching this. For one, not all security is provided in an overt manner. For example, if a client feels he doesn’t want security because he feels he doesn’t want an overt security team surrounding him providing that deterrent or protection, we can provide a more low-key, low profile security team that’s more in the background, but still there if something does go wrong.”

The security must be complementary to HNW travellers’ lifestyle and enable the things they want to do when travelling, whether for leisure or business

Coleman agrees: “The greatest challenge is having HNW clients acknowledge the risk. The majority live a benign existence outside of media attention and therefore build a false sense of security. They think that no one would ever know what they do or what they have.”

O’Sullivan said that if a client is completely against a security team being with them, there are other options available. “We can have a security team that’s on standby, able to deploy if there is some sort of security incident. At the very least, we can look to have some sort of tracking device with them; so, if something goes wrong, we know where they are, and we can deploy,” he told ITIJ. “Then, we have the final option of having no security, in which we then go back to training. If they’re not going to have a security team because they’re hostile to any form of security, we can at least give them personal security training that enables them to identify certain risks and how to respond.”

Getting robust with trust

Reflecting on important lessons learned through dealing with HNW clients, O’Sullivan highlighted the need to expect the unexpected, which entails robust preparedness. “I would say the biggest lesson of the last few years has been that we need to be agile to respond to so-called unexpected events, be it a viral pandemic, global lockdowns, energy shortages, wars or natural disasters. We can never rest or think we have achieved the perfect model of providing [security] assistance. Instead, we need to constantly examine how to provide the best possible service for our clients. The combination of high-end technology, our travel apps and our [security] colleagues makes it possible for us to respond to each situation in a bespoke fashion. Additionally, we’ve learned that the most important part of providing any level of security to any individual travelling is intelligence and planning. It's getting as much information as you can, not only about the location that they’re going to, but building that risk profile by identifying potential vulnerabilities and potential risks.”

Sheer agrees about the importance of technology: “Emergent technologies have created the opportunity and demand for almost instant responsiveness. Through our platform and app, we enable clients to interact with our 24hr operations centre, call for emergency assistance, and receive incident alerting in proximity to their travel. Additionally, clients can create custom geo-fencing, which utilises live location data and artificial intelligence through incident reporting to respond to potential and actual threats.”

Veale added that technology is invaluable and said that flexibility and building trust are also essential pillars: “By far the most important thing we have learnt is to ensure the right fit of personality within the security team, and pair those who will be engaging with the client, their family, and their staff. This is key to building trust. And, without trust, the security strategy cannot be implemented. Second to this is technology – the key in the door to the modern world for any security strategy that must be put to use in as many areas as possible. Finally, having the ability to ‘scale up’ and react quickly to situations is vital to any robust security strategy. It’s this kind of innovative flexibility that allows clients to grow, change their plans, and live their lives to the fullest, knowing their safety is, and always will be, covered.”