GC and Legal Risk Management

published on Legal Risk Management
As software developer, we identify the trend for in-house lawyers to play a greater role in risk management activities for years now. Traditionally, in-house lawyers have been advisors helping internal clients to understand the law. Services also included the drafting of legal instruments like contracts and conducting litigation. Increasingly, General Counsel are taking on a role as legal risk manager. A 2013 Berwin Leighton Palsner study confirms that the old-fashioned way of managing legal risk by relying on the experience of senior in-house lawyers has given way to the introduction of greater process management in mitigation of legal risks escalating issues and integrating with the risk management frameworks and risk culture of the broader business. We believe that a more process-based approach to risks will emerge. Legal risk management will become as common as other process based activities like investment decisions. Example of Legal Risk Management dashboard for General Counsel: