Planning Ahead In Times of Uncertainty

We’re in a period of macroeconomic uncertainty, and economists anticipate a global recession soon. Stagnating economic recovery from the COVID-19 pandemic, rising inflation rates, and the ongoing war in Ukraine have strained supply chains and decreased consumer buying power. 

While nobody has a crystal ball, prominent financial analysts are warning businesses and consumers that a recession may be on the horizon. For example, financial institution Vanguard estimates the probability of a recession at 25% within the next 12 months and 65% in the next 24 months

Some experts say that the Federal Reserve’s previous and upcoming interest rate hikes will push recession risks into 2023, but the macroeconomic turmoil is already being felt worldwide. 

Cost-cutting is a time-honored strategy to prepare businesses for an uncertain economic future. Smart cost-cutting will allow businesses to decrease operating expenses without sacrificing operational excellence. If done right, businesses will not just survive — but thrive.

Risk leaders need to start evaluating and maximizing their budgets. Regulatory requirements and business risks aren’t going anywhere, so decision-makers need to maintain compliance and mitigate risks with limited resources. 

Using the right GRC software can enable agile decision-making, provide freedom to reimagine manual processes, and improve company-wide collaboration. Read on to learn why GRC software is valuable to help your company thrive during economic uncertainty. 

Cost-Cutting is Essential for Weathering Economic Turmoil

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