ERM leaders must establish a continuous process to identify, plan and implement cost optimization initiatives to maintain business and functional momentum. Take these actions to overcome business challenges and successfully plan cost optimization initiatives:
- Continuously monitor key risk indicators and collaborate with other functions to understand economic conditions
- Manage employees through uncertain economic conditions
- Build knowledge of the function’s cost drivers
- Develop a robust action plan to effectively implement cost optimization initiatives and recognize nonnegotiable, scenario-independent growth initiatives
