“What is the biggest lesson you learned in the budgeting process over the past few years?”
“Be prepared to have a clear, concise response to explain the process that was taken and always have accurate documentation readily available to support your response.”
-Sandra Burgess, Risk Manager, City of Memphis. CLM member since 2007.
“The biggest lesson could also be described as the oldest lesson: if you fail to plan, you plan to fail. While impossible to plan for every possible contingency, a focused plan will assist you in preparing a practical and realistic budget.”
-Cindy Khin, Chief Claims Officer, Medmarc Insurance Group. CLM member since 2007.
“A major lesson learned the past several years is how to sequence and execute tactical solutions that support a three- to five-year vision of the organization, not just focusing on the current year strategy or objectives.”
-Alex Tsetsenekos, Vice President and General Manager/Home Vertical, LexisNexis.
“Especially during these challenging economic times, budgets need to be about value. Items for which we charge customers need to bring cases closer to resolution without being unnecessary expenses.”
-Caryn Siebert, President and CEO, Carl Warren & Company. CLM member since 2009.
256
Number of pages in the 2013 budget for the U.S. Government.
Source: The White House
$1 Trillion
The 2012 budget deficit amount run by the U.S. Government for the fourth straight year.
Source: Wall Street Journal
14%
Percentage increase in spending on leadership development by U.S. companies in 2012.
Source: Bersin & Associates
$10.6 Billion
Drop in catastrophe losses in the first half of 2012 compared to first half of 2011.
Source: I.I.I.
$1.1 Billion
Drop in net investment income due to low interest rates in the first six months of 2012.
Source: I.I.I.