In our last article, we spoke about risk management, what it meant to your business and some of the risk mitigation strategies that can be employed to minimise risk if risk appears to be too great. These are decisions that for all intents and purposes seem to be internal management decisions and so one might ask “What do Attorneys have to do with my risk management?’’
Well, Legal Risk Management is vitally important to any business as it removes the uncertainties relating to the business operation of an entity. This strives to prevent future legal liability. An efficient legal Risk Management program also ensures that costs associated with any financial risks are avoided. Let’s look at a few other factors around risk and the mitigation of risk that involve Attorneys…
Risk Management decisions
As we mentioned in relation to risk mitigation strategies in our last article in the realm of Risk Management there are four essential strategies which are; avoid it; reduce it; transfer it and accept it. Attorneys devise an effective Legal Risk Management Strategy for a business – and it is better if you choose an Attorney competent in such matters as there are some things better not left to chance and confidently placed in the hands of professionals.
Risk identification, advice and training
Lawyers are professionals who provide advice and the skills, training and experience that are relevant to Risk Assessments. This experience may appear to be just transactional in nature, such as the risks of litigation arising from a potential breach of contract, but we have a strong role to play in risk identification and mitigation.
Playing a role in specific mitigation strategies
Accomplished and qualified Attorneys in Risk Management are able to advise clients on what a reasonable and defensible mitigation strategy may be in accordance with the sector or sectors in which they operate.
For example, clients in highly-regulated sectors, such as gaming, would have a lower risk appetite – in particular with the compliance of gaming laws – than in other sectors. It is important that you talk to your attorney about your specific risk sector so we can advise you accordingly.
Whatever area of risk your business may be facing Glenn Rooseboom Attorneys Inc. are specialists in the Risk Management field and can give you expert advice and everything else that you need to get through 2022 with peace of mind that whatever risks you need to take are carefully considered and expertly managed.
With this being our last post of 2021 we wish to sincerely thank all our clients for their loyal support over the last 12 months. We sincerely hope we have been of great assistance to you in whatever area of the law you needed us to provide and that we will work with you again in 2022.
Have a safe and very Happy New Year’s Eve – but please – don’t drink and drive – that’s a risk you definitely don’t want to take!