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...

As the volume of account reconciliations continues to surge, most corporate accounting and finance departments in the United States and Canada are still using a labor-intensive process to make sure their accounts’...
The average starting salary for students graduating this year with a business major – including accounting – has declined slightly over the last year, according to the latest salary survey from the National...
No matter how much we may want to put them on hold, we all have projects at work we need to start, right? Well, according to a recent survey of human resources (HR) managers by Accountemps, the most productive day of the...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.