Creating a Comprehensive Risk Management Program

http://ow.ly/6v8PS

An article by Linda Will appearing on law.com on the LTN webpage.

This article discusses the burdens of regulatory compliance, and the need for corporations to better coordinate their varied departments.  As the article states, "Companies -- and law firms -- can no longer manage risk and compliance in a fragmented, department-by-department manner. Instead, they must create overarching risk management programs that align with the organization's overall business strategy. This includes effective collaboration with business units, enabling risk management leaders to become more involved in goal setting, objectives, and performance management."

The author quotes three questions raised by consultant Michael Rasmussen:

1. How do I gain insight into the ever changing regulatory landscape?

2. How do I connect these regulatory changes to my firm's risk management and overall business strategy?

3. How do I deliver a relevant set of programs and reports that will provide senior management with the necessary information that will enable informed choices?

The article goes on to site a white paper by Thomson Reuters, that provides tips:

"Identify, research, and understand risks and regulations, evaluate their impact on business strategy.

Develop, implement, and communicate policies, and put appropriate controls in place.

Manage processes, monitor changes, track issues and loss events, and screen clients and employees, then arrange appropriate audit trails.

Report and disclose, providing visibility and transparency of information between internal assurance groups."

The article discusses various software options that can assist with efforts in this regard. 

In addition, the article provides a list of action items that should be addressed in order to find service providers that can offer solutions to resolve some of these issues.