How to Make the Most of Your 2021 Risk Budget
Jim Wetekamp, CEO Riskonnect
Global manufacturers, among the hardest-hit by the COVID-19 pandemic, are looking for tangible ways to bolster resiliency – and for many that meant requesting a higher risk budget for 2021.
Risk leaders are already investing 28 cents of every dollar for technology updates to help strengthen resilience. But simply throwing more money at a problem is not the answer. Any increased budget must be accompanied with a deeper look into in the fundamental way risk is managed. Doing more of the same will not solve any problems or make your organization more resilient.
As you gear up for what looks to be another uncertain year, here are three tips to help reduce your exposure, increase agility – and get the most out of your 2021 risk budget.