Your new plan for risk mitigation

published on General Counsel, How-to, News
The importance of risk mitigation planning and different approaches to reduce or mitigate risk is becoming a popular topic in industry events and reading.

The most common take-aways from specialised conferences and research are almost always the same: don’t wait for disasters to strike, or, risk management planning needs to be an ongoing effort. Although this sounds good in theory, it is far easier said than done.

The modern General Counsel should have to focus on avoiding disputes before they even occur. In an ideal world, she would organize herself to become more selective between those enquiries that merit serious and immediate legal attention and those that do not. In reality, the modern General Counsel is faced with a crossfire of problems, questions and requests daily from all across the organization. In the real world she fights fires all day.

Here you can find some practical tips to establish your long-term risk mitigation plan and daily routine in your in-house legal office.

Avoid Risk

Risk avoidance is the elimination or avoidance of some risk, or class or risks, by giving your company regular compliance health check ups.
  • Characterize the root causes of risks that have been identified in the past
  • Evaluate risk interactions and common causes
  • Revise current risk assessment process or plan to implement one:
    • Revise past similar cases and develop best practices: how were they solved, pleaded and in which cases your company had to go to court?
    • How many cases were solved internally before going to trial? How? How long didi t take?
    • How did the selected legal firm handle the matter?
  • Monitor your company’s current compliance with relevant laws
    • Revise your company’s compliance with anti-trust and anti-bribery policy
    • Be aware of what’s going on out there: new laws and regulations
Use Technology

Four factors add complexity to the contracting and entity management landscape: multiple stakeholders, variety of contracts and terms, multi-jurisdicional influence and macro-regulatory requirements. Reduce complexity and control your legal facts through a smart legal management system to reduce human error and save money:
  • Receive alerts for expiring contracts
  • Receive policy update reminders
  • Receive key due dates reminders
  • Receive regular reports on existing and expiring contracts
Like to get started with risk mitigation planning? Download our free detailed Whitepaper: 7 Steps to Legal Risk Management for General Counsel and learn how to measure and manage legal risk for your business.