Improve Resilience With Integrated Risk Management

In a time fraught with world-changing risks, many businesses are naturally looking to upgrade their risk management capabilities. Increasing the budget allocated to risk management is just one step, but business leaders often think this is enough and stop there.

Jim Wetekamp, CEO of Riskonnect, caught up with Corporate Risk and Insurance and shared three common mistakes organizations make in their risk management program.

According to Wetekamp, throwing money at a problem rarely works. To make a real impact, an increased risk budget must be accompanied by a re-evaluation of approach, while focusing on driving change through a risk-aware culture.

“The pandemic revealed glaring weaknesses in the way many organizations managed risk,” he said. “Companies that could not get their hands on complete, timely, and accurate data were at an immediate disadvantage. Even outside of crisis, today’s risk landscape is more crowded and uncertain than ever – and virtually every risk is gaining in size and potential impact. It’s almost impossible to keep up with what’s happening given the fragmented view provided by old-school risk management techniques."