Changing rules and an uncertain economic picture mean that defined benefit plan sponsors will have to be on their toes in 2017.

With risk rising globally and the rules governing pension plans in a state of flux, a new brief from Willis Towers Watson is suggesting actions plan sponsors can take next year to help improve investment outcomes that it says should last beyond 2017.

In “10 Investment Actions for Defined Benefit Plans in 2017,” the firm’s retirement consultants highlight a variety of operational, strategic and portfolio management goals that they say “will help plan sponsors best use their limited resources” as they work to better their plans’ outcomes.

See the WTW website for all 10 suggestions, which, they point out will “not be appropriate for every plan” but should provide food for thought during meetings with plan consultants.

To whet your appetite, here are five:

5. Key funding risks need to be defined, evaluated and monitored.

Sponsors should make sure that they work together with investment committees, consultants and actuaries to achieve the plan’s long-term objective.

Input from all these parties can help evaluate how current levels of risk and return, expected contributions and evolving pension liability regulations (such as mortality improvements, funding relief and rising Pension Benefit Guaranty Corporation premiums) could impact the plan’s long-term success.

4. Cut down on nonstrategic activities, such as short-term manager return monitoring.

Advisors tell clients all the time not to focus on the short term.

But plan sponsors can and should use this advice too, particularly since short-term results don’t necessarily have long-term benefits. Other actions with regard to a plan can provide bigger payoffs; monitoring activities should focus on factors that strategic goals.

3. Make sure that the plan’s time horizon aligns with its strategy.

Sponsors contemplating a plan termination, a move to derisk with an insurer or continued management need to be sure that whatever their strategy, they have identified what they’ll need to achieve it.

Review the time horizon, risk and cash you need to follow that strategy and make sure that it’s also reflected in portfolio construction and changes to the investment mix in the future so that the goal is achievable, Willis Towers Watson suggests.

2. Research tools that can help you evaluate financial strategies.

A range of tech tools can help sponsors assess governance, monitor and project a plan’s financial status to manage pension costs and risks, nail down numbers when considering the impact of different approaches in hedging, diversification and active management and look into the potential of high-conviction investment managers.

Plan to see whether, and which, tools can be of help.

1. Review your plan’s critical resources and fiduciary risk.

Your investment committee might be laboring with inefficient or too little support. Check on plans, staff, budgets and expertise to be sure you have what you need to function efficiently.

Also look at how your governance structure affects the ability to focus on high-impact decisions, Willis Towers Watson suggests.