In today’s pressure cooker environment, companies, together with their Boards, are potentially exposed to an array of business and legal risks, including financial and reputational losses if these issues develop. This has resulted in a more explicit consideration of what constitutes risk, be it legal or business, where those types may diverge, how it should be managed and by who.

As the legal function transforms, there is an expectation that in-house legal teams must do more to identify, manage and mitigate risks, especially in sectors where there is an increased regulatory interest, particularly looking at how legal fits into the wider organizational risk framework.

Topics explored during this session at the CCASA Legal Forum 2023 included:

General Legal Risks

• Legal Risk: what constitutes a legal risk vs a business risk?
• Whose job is it anyway: who is responsible for identifying and managing risk?
• What organizational structure and skills are needed to ensure appropriate management of legal risk?
• Using legal risk management frameworks to manage legal risk – approaches and actions: how should legal risk be approached and managed and what steps should be taken in getting to grips with legal risk management.
• What does good legal risk monitoring and reporting look like? What interaction is there with regulators around legal risk/legal risk management? How can technology enable better legal risk management?
• How can our legal partners assist?

IP Risks

• The risk of underestimating the value of one’s IP.
• Managing one’s IP, and the risks of failing to look after the crown jewels.
• Intragroup use and management of IP when used in multi jurisdictions.
• Case studies.

Regulatory Risk

• Where does regulatory compliance fit in?
• Regulatory overload: How to navigate the constant burden of regulation and manage the resultant legal risks facing the business.
• What the FIC? Interpreting laws and working out what to do.
• Calling a friend: Forging sustainable relationships with Regulators.

Some interesting articles on the topics:

Bio’s of Panellists

IP Risks – Intellectual Property, AI and the Metaverse

Legal Risk Management-Key notes

Many Companies Far From Ready for Fast-Approaching SEC Cybersecurity Deadline

Risk Management | A heightened focus for the General Counsel

Breaking the myths around FICA outsourcing

‘Location, Location, Location’ Is Latest Challenge in Data Privacy Compliance

As Privacy Laws Proliferate, So Does Mismatch Between Companies’ Notices, Practices

Survey of In-House Counsel Finds Cyber Anxiety Skyrocketing