In the first of this two-part series, I identified some of the challenges that corporate counsel face. In this article I will look at risk and compliance management and solutions available to corporate counsel.
Risk and compliance management
It highlights the importance of enterprisewide risk management and provides risk information on a global perspective that may be applicable to any functional group. It allows for accurate multijurisdictional risk assessment and can be used to track, manage and monitor risks across many jurisdictions. What can often be perceived as a small risk in one particular area, when connected with another, could have a greater impact upon the organization.
Additionally, the frameworks need to ensure that adequately measured risks with appropriate mitigation are in place across all areas that need to be disseminated through the entire organization.