Risk Insights: Risk, Response and Reduction – Strategic
Resource & Insights
February 11, 2015
Picture it: Your company outsources a large portion of its production to overseas manufacturers. Efficiency skyrockets and opens the door for you to focus more resources and domestic operations on value-added activities.
But everything comes at a cost. The cost of outsourcing your production exposes your company to a new set of vulnerabilities, which you and your team must address if your company is to stay within its boundaries of acceptable risk. That’s the case for managing risk at a strategic level—providing a foundation for continually addressing vulnerabilities as they emerge.
Integrating risk recognition with business strategies allows organizations to focus more on anticipating change, rather than just reacting to events as they unfold. Such responsiveness enables companies to reduce the likelihood or potential impact of adverse events. Evaluating potential risk exposures also uncovers opportunities that might have otherwise gone unnoticed by you or your team.
To read more about managing risk at the strategic level, view Weaver’s Risk Insights document, Risk, Response and Reduction – Strategic. For a discussion specific to your organization, please contact Alyssa Martin or Jody Allred, Weaver partners in risk advisory services.