A Cheerful Guide to Legal Risk
The effort to measure and manage legal risk pays dividends in the reduction of real losses from legal issues. It also pays dividends through improved collaboration between the legal team, operations, and senior management, writes Mark Little, compliance and risk management technology executive at Berkman Solutions.
In an article published on Medium.com, he presents the proper answer for a member of a corporate legal department who faces the requirement: describe how you will review all outstanding issues, set priorities that almost never change, improve interdepartmental trust, and make customers happy within an acceptable timeframe.
The answer, he writes, involves implementing a qualitative risk model to measure and manage legal risk.