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

Source: Mash Risk Television

Garrity Graham
Philippa Girling, Attorney at Law

Runtime: 8:04

Girling is with the firm Garrity, Graham, Murphy, Garofalo & Flinn, P.C.

Key Takeaways:

  1. An operational risk program needs standards and training to avoid:
    • Exposing the firm to additional legal risks
    • Compromising the discovery phase of litigation
  2. 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
  3. Risk and Control Self-Assessments (RCSAs) and scenario analysis encourage business to consider legal risk periodically.
  4. Legal should be involved in decisions around the design and implementation of scenario analysis, RCSAs, key risk indicators and loss data.

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