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What Can Organizations do to Better Manage Legal Risks and Reserves?

April 26, 2017Legal manage Organizations reserves

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What Can Organizations do to Better Manage Legal Risks and Reserves?

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Garrity Graham Garrity Graham Philippa Girling, Attorney at Law Runtime: 8:04 Girling is with the firm Garrity, Graham, Murphy, Garofalo & Flinn, P.C. Key Takeaways: • An operational risk program needs standards and training to avoid: • Exposing the firm to additional legal risks • Compromising the discovery phase of litigation • A strong operational risk program: • Increases transparency of legal risks • Reduces severity and frequency of legal risks • Provides tools for prevention of legal risks and management of existing legal risks • Supports proactive legal risk management • Risk and Control Self-Assessments (RCSAs) and scenario analysis encourage business to consider legal risk periodically. • Legal should be involved in decisions around the design and implementation of scenario analysis, RCSAs, key risk indicators and loss data.