The focus of legal risk management is analyzing an organization's exposure to risk and determining how best to handle such exposure through identification, assessment, and prioritization. The management of legal risk management is fundamental to the success of a company.
Why is it important?
Today, the companies must face a multitude of local and international regulations, regardless of their sector of activities or size. It is crucial for the companies to have a process designed to detect and prevent regulatory compliance failures. To be effective, this process must be matched with a strong compliance and legal risk management culture as well as properly trained employees. Additionally, integrating risk management into an overall GRC capability ensures such activities are aligned with business objectives, strategies, compliance management, legal, finance, IT and culture, and that they are audit-ready.
What are the benefits of technologies?
With the infinite data and type of supports, technology is generally looked for by companies to increase efficiency and success, through three main functions:
· The quick collection of accurate information and data for their consolidation in a secure management tool and an automotive workflow
· Improvement of the collaboration between the relevant departments involved to empower them regarding their responsibilities
· Development of a proactive risk tracking and reporting system? to always be on track and anticipate deadlines or context changes