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Legal risks

Опубликовано в Vest trial | Октябрь 2, 2012

legal risks

7 Common Legal Risks Faced by Businesses · 1 – Legal Structure Risk Exposure: · 2 – Employment Law Risk Exposure: · 3 – Securities Law Risk Exposure: · 4 –. Legal risk is firmly under the spotlight. Companies, their boards and General Counsels (GCs) face a challenging business environment with exposure to financial. Legal risk is the risk arising from failure to comply with statutory or regulatory obligations. Generally, all laws in the host country will apply to an. FOREX SHIPPING CANADA They also very poor on Trip twice to been fixed a scheduler me about. Add some automatically identify. You should user wants.

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General counsel, compliance officers, contract managers, other legal professionals can implement legal risk management within their own domain. A focus on legal risk yields two benefits. First, the broader enterprise will benefit from clarity and measurement of formerly opaque risks. Second, the bar for approval of software and processes is lower than enterprise risk management, because the systems are simpler and the field of use is constrained.

Risk identification is an issue spotting exercise. The objective is to compile a broad list of risks. There are three steps to identify legal risks:. Step 1: Find sources of legal risk. The primary sources of legal risk are contracts, regulations, litigation, and structural changes. Step 2: Recognize potential and actual risks. Uncertainties with legal consequences can arise from hazards physical injuries , events a single occurrence , situations entering a new international market , and scenarios counterparty does X, Y, or Z.

Step 3: Record risks in a risk register. A risk register is basically a list that also captures some attributes of each risk. To start, track the name of the risk, the likelihood on a simple scale as an estimate, the consequences rating on a simple scale as an estimate, and the combined risk rating on a simple scale. Now you can subject the risks to analysis, driving toward decisions about how to manage legal risks.

Risk analysis is about understanding the risks in the risk register. To analyze legal risks, begin with an assessment of controls. Risk controls can take a variety of forms depending on the risk, the industry, and the organization. For example, to manage a contract risk, an organization might use a requirements tracking system to ensure that individual obligations are satisfied.

Once you have gauged the effectiveness of risk controls, analyze the likelihood and consequences of each risk. The likelihood of a legal risk is the combination of the chance of discovery will a claimant or regulator identify the problem and the chance of an adverse decision. Similarly, consequences are the product of damages usually in financial terms and frequency the number of incidents.

Precise measurement of likelihood and consequences is rarely, if ever, possible or even desirable. Risk involves uncertainty. Risk analysis aims to refine, but not resolve, the identified risks. The final part of risk analysis is to build in parameters or variables for the elements. With the analysis in hand, you can refine the risk register with more definitive ranges. Risk analysis is an iterative process. Some risks will fall off the list; some will merge with others; new risks will emerge after analysis.

Evaluating legal risks is quite different from the analysis of risks. To evaluate a legal risk is to prioritize the response to the risk. At the core of risk evaluation is your organization's risk tolerance. Legal risks that are above the line - intolerable - need risk treatment.

The idea behind risk treatment is simple: modify the risk so that it is tolerable. Notice that it is not necessary to eliminate the risk, just render it tolerable. Risk treatment options are as diverse as the risks we manage. However, there are several repeatable techniques:. Each of these techniques can change the character of legal risk. Adapting these techniques to legal risks brings legal professionals closer to the operations of the organization to reduce the cost and impact of uncertainty.

As legal risk is part of operational risk which is risk resulting from failures of people; processes; systems; or internal or external fraud , any legal risk management framework should be consistent with a company's operational risk framework and form part of the same. All contracts between a company and its customers or service providers should be in writing, detailing all obligations of both parties.

A contract must deal with all potential risks that could arise in the performance of the services; and have adequate mitigation for these risks, including but not limited to indemnity and warranty clauses, and relevant dispute resolution clauses. Where there is outsourcing of any material function of a company, there should be effective controls in place to ensure effective contract management. This will include the monitoring of renewal of contracts, breaches, impact of any changes in regulation relating to the services provided under the contract, and rights for termination of the contract.

From a business perspective, the business unit for which the contract is drafted, must understand the terms of contract, be aware of its obligations under the contract, their termination rights for convenience, and what actions give rise to breach, in relation to the service provider. Effective contract management can mitigate legal risk arising and also minimize disputes and litigation with service providers failing to provide adequate services.

A dispute must be adequately managed by inhouse counsel with the requisite skill and experience in dispute management and litigation, and similarly when an external attorney is briefed to attend to the matter.

Disputes and litigation must be catalogued in an accessible format to enable accurate reporting and escalation to relevant board committees, in particular in the case of high risk matters, which could result in accompany paying out large amounts in damages, or where there is potential for reputational risk to a company. Although the dispute or litigation is managed by inhouse counsel, the root-cause of an action can arise from a breakdown in the operations of the business, and therefore reporting and monitoring of these matters, should also be reported to the Operational Risk Committee.

In such instances, remedial action can be taken, such as disciplinary proceedings in respect of staff, or the review of processes or systems, which resulted in the dispute or litigation. The role of inhouse counsel is usually focused on the protection of intellectual property, such as trademarks, domains, patents, designs and copyright. The company brand must be protected in all respects and in particular, in all countries where the company operates.

In addition, renewals of trademarks and domains must be done in a timely manner. Inhouse counsel usually manage a company's IP portfolio, with an external firm specializing in IP law. Where third parties may use similar marks with or without intention to a company's marks, demands must be sent to such third parties to refrain from using such, and failure to do so, can result in a dilution of a company's brand, or cause confusion in the market.

Inhouse counsel must work in close collaboration with marketing and brand teams of a company, who should be aware of and have a complete understanding of their IP rights in brands, names, marks, designs, ideas and inventions that must be protected. Marketing teams must know when there is need to involve their inhouse counsel in matters relating to the brand.

Ensuring compliance with law and regulation is generally a compliance function and not a legal function per se. The role of compliance is, among other things to ensure that all business units in a company comply with all applicable law and regulations in the conduct of their business, processes and documentation with both clients and service providers. In addition, where applicable, relevant reporting to regulators must also be done in the format required and within the timeframes stipulated in relevant regulation.

Failure to attend to the same, could lead to fines, penalties, and reputational risk for the company. The role of inhouse counsel, in my view is a support role to compliance, to provide legal interpretation when required, or assistance in defending in allegations of non-compliance. The role of inhouse counsel is also to monitor and review new emerging legislation and regulation, and amendments to existing legislation or regulation.

Where appropriate, inhouse counsel should comment and recommend changes to draft legislation in the lobbying process, to minimize any risks that could arise to the business of the company or the manner in which it conducts its business. Inhouse counsel should conduct such reviews in consultation with its internal stakeholders, including business units where the emerging legislation will impact.

Lobbying should ideally represent the views of the company in a responsible manner, bearing in mind the purpose and spirit of such emerging legislation or amendment to existing legislation, and where possible, through an industry body. In conclusion, failure to manage legal risk can lead to financial loss and reputational damage to a company.

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