Knowledge is key to safety for executives traveling abroad

The world is full of opportunities. It is also filled with dangers, or at least parts of it are. American executives and entrepreneurs traveling throughout the world have come to realize that their mere presence in some countries or communities, can present groups targeting Americans with tempting opportunities and put their lives at risk.

Knowing the risks and understanding the follow-through to make it back safely is where a security specialist or consultant can provide executives with a valuable service and peace of mind. On a typical day, a security consultant, trained in all levels of intelligence gathering and the execution of security protocols, will assess local and regional intelligence for clients and field agents around the globe.

Much of the work of security consultants is done before the executives even begins their trips. Information from multiple sources is reviewed. In some cases, teams are even sent ahead of the executives to be sure nothing is amiss and to assure accurate answers to such vital questions as:

  • What is going on in the country or countries being visited?
  • Are current conditions likely to change and, if so, what will be the signs of change happening and how fast will change occur?
  • Where is the traveler staying? What has been happening in that hotel, neighborhood, community and region?

"In general they will not kill you in Mexico City. A favorite and frightening tactic, however, is to snatch you from the airport and drive you around while taking all the money you have on your person then helping you to empty out ATM machines. After that they just throw you out of the car, wherever, with no money or identification. But executives in other high risk areas such as Columbia, are not going for a short joy-ride, generally these executives carry K & R insurance, kidnapping and ransom. This presents the opportunity to make fast money and lots of it," William McGuire, President and CEO of Global Security Associates LLC said in a prepared statement.

Some insurance companies, such as the Chubb Group of Insurance Companies, have launched an array of services to meet the growing need of what is sometimes referred to as "Luxury risk mitigation services" for high-net-worth customers. These services include access to personal security consultants, travel safety experts as well as household employee advisors.

"We believe that risk management is just as important as sound investment, tax and legal advice," Andrew A. McElwee, Jr. chief operating officer, Chubb Personal Insurance said in a prepared statement introducing a line of insurance products. "This comprehensive risk management program is tailored to help protect and enhance the lifestyles of affluent individuals and families."

You may like these other stories...

2013 marked the third consecutive year CPA firms in the United States saw a spike in annual revenues, according to the latest national practice management benchmarking survey by The Rosenberg Associates Ltd. and The Growth...
A new survey released on Thursday by the Financial Executives Research Foundation (FERF) found that public companies paid an average of $7.1 million in audit fees last year, an increase of 4.5 percent over audit fees paid in...
The 2014 proxy season saw significant growth in audit committee transparency, continuing a recent trend of Fortune 100 companies going beyond the minimum disclosures required, according to a new report from Ernst & Young...

Already a member? log in here.

Upcoming CPE Webinars

Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 22This webinar will include discussions of important issues in AU-C 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.