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Legal Risk and Matter Management
Legal Risk and Matter Management is an increasing priority for major company stakeholders such as regulators and boards. For many companies, legal risk is not clearly identified and assessed. This can create bottlenecks, resulting in legal teams preoccupied with extinguishing fires instead of defining a risk framework and developing strategies to preempt critical legal risks.
Best practices and industry standards have not evolved fast enough to supply organizations with those strategies. As a result, many leaders do not have confidence that they are sufficiently managing their legal risks in areas such as:
- litigation/disputes
- legislation changes
- contract management
- data privacy
Customized and insightful
Working in close collaboration with our clients’ in-house legal professionals, Deloitte Legal delivers:
A current-state risk-management assessment
A gap analysis
A roadmap they can follow to close that gap, including potential technology solutions
A proven, four-step process
Our teams apply a transparent four-step process to provide clients with the framework they need to align their organizations with their defined tolerance:
1. Identify
Understand the risk universe to help identify the legal risks that could have a material impact on the organization’s business strategy or objectives.
2. Assess
Define and embed a risk- assessment process to assess the level of risk exposure against an agreed-upon set of risk factors (e.g. regulatory, customer, financial, and reputational implications).
3. Control
Embed a controls framework to bring residual legal risk within risk appetite.
4. Monitor and report
Design a methodology for assessing the effectiveness of the control environment. Report residual risk profile for legal and control effectiveness to relevant governance forums.