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With new challenges and intense in corporate America, more and more companies are turning to the assistance of lawyers to conduct a risk profile and provide guidance to answer. In fact, this problem is so serious that in recent years, Government expectations for improved governance have been strongly encouraged, particularly in the planning and implementation.
The development of a risk profile is one of the first steps a company should consider both the audit strategy and operational factors. With a systematic plan for managing the operational, strategic and project risk is essential for the success of any enterprise, regardless of size or industry. When using legal support for the creation of a risk profile provides a number of advantages, the primary objectives are to achieve the corporate goals, improve performance and reduce risks.
Although managers could have a stab at creating a risk profile and an appropriate response, a legal team can help by the definitive and precise action specific to the society and the laws. Federal, local and industry regulations and laws change frequently making it difficult and cumbersome for a non-legal person, for all the potential risks. A professional team is capable of a high-level view of the company to potential problems that might otherwise not be considered.
Normally, when using external consultants, the company would be through collaboration with internal staff to gain a better understanding of society, as well as the processes, technologies and techniques. From there, a legal aspect would be to establish a framework for a comprehensive risk profile. The focus of the profile depends on a number of things, even though areas such as risk management, finance, legal, and at the top of the list. Then, the company would need a separate team internally to implement and manage the risk profile and response.
One might think of a risk profile as a snapshot of key areas and risks of an organization, together with other areas such as development, operation, and overall strategic objectives. It is important to understand not only the specific risk factors, but the reaction to these risks and their impact on the organization. With a team, not to legal risks in a vacuum without the input of key stakeholders. The management team and other stakeholders have a responsibility to ensure that the risk response is in line with the overall objectives of the company. Terms must be approved by the principal objectives to ensure that the risk profile and the answer, what is for the organization.
For example, some companies are in trouble through lack of time-insensitive responses and / or actions, including late delivery, tax penalties, it is over budget, or a number of things in relation to the business. With a risk profile provides a management head on the critical areas, so do not miss anything. In addition, a lawyer can help, in response, education and legal advice on the correct way to respond, should a problem or concern arise.
The legal team should be capable of working with internal staff to identify and successfully manage significant risks, develop a sound risk profile, and integrate them with the business plan. Risk management requires a comprehensive communications, internal support from top to bottom and a combined commitment to achieving results. In this way, Legal really become a central part of the whole support team that your company will receive the desired results.
Richard A. Hall is founder and president / CEO of LexTech, Inc., a legal information consulting company. Mr. Hall has a unique breadth of experience that enabled him to meld technology and sophisticated statistical analysis, a technology driven analytical model of the practice of law. As the process employed civilian lawyer, he was responsible for designing and implementing a LAN-based process database and fully automated document production for a medium-sized enterprises civil. He developed a task billing model based on extensive statistical analysis of hundreds of litigated civil matters. In 1994, Mr. Hall invented linguistic modeling software which automatically reads, applies budget codes, budget codes and analyzes legal bill content. He also served as California Director and lecturer for a nationwide bar review. Mr. Hall continues to practice law and perform pro bono services for several Northern California judicial districts.
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