Press Mentions

Risk Management: 3 Critical Risk Management Investments in 2021

Written by Atul Vashistha

Reallocating Risk Budgets for 2021
Many companies are increasing risk budgets in response to COVID-19’s wide-scale disruptions in 2020. Unfortunately, many widely used third-party risk management practices such as point-in-time assessments and one-time health reviews were ineffective as the situation and risks continued to change and cascade. Is doing more of the same the right answer moving forward?

Additional investments will not provide improved resiliency without fundamentally changing the approach to risk. To maximize their “bang for the buck,” enterprises need to rethink their TPRM budgets and adopt new solutions by investing in areas that will increase resiliency, enhance security, avoid costly business disruptions, and support revenue.

In this article, Atul Vashistha, Chairman, Supply Wisdom shares the shortcomings with current TPRM programs and how companies can reallocate their risk budgets.