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In June and July this year, we have been delighted to support junior in-house counsel from multiple organisations and help them to succeed in their roles through our virtual Aspire summer sessions, in partnership with F-LEX.
This unique series of events is designed to provide you a platform to:
Click here to understand more and to sign-up to our future sessions.
Last week, on Wednesday 24th June, our event focussed around risk management and we heard Emma Dickin, LexisNexis’ In-house, Risk & Compliance Specialist present ‘Risk management: 5 key priorities for organisations during the coronavirus pandemic’. She provided key insights from her work as a risk specialist, and gave tips on how to navigate the in-house counsel role with confidence during the pandemic. Below is a round-up of some of her key takeaways:
The top 5 priority risk areas in the pandemic are business decision-making & leadership, understanding/fulfilling customer needs, securing the supply chain, supporting your organisation’s key resource – its staff and enabling your organisation’s future. See below for key considerations and actions for each:
Business decisions will need to be taken quickly
Director’s must ensure their director’s duties are being observed at all times
Is the organisation set up for virtual meetings?
Director’s/execs need access to information to inform business decisions
Strong leadership needs to be demonstrated
Assess your organisation’s ability to hold virtual meetings and review existing/new virtual platform supplier contracts and ensure any key risks are understood/mitigated
Advise your organisation’s board to appoint a pandemic coordinator/team to monitor and communicate official advice and to prepare and maintain plans
Ensure advice is sought asap if your organisation runs the risk of insolvency
Ensure full operational and financial information is available to directors/execs on a daily basis
What contracts will be impacted by the pandemic?
What products/services are essential to your customers/clients?
Can we continue to supply our goods/services?
Have any new markets opened up to us?
What will be the financial impact from customer/client financial issues?
Evaluate your organisation’s contractual risks and obligations and report back on options
Ensure ongoing or future opportunities/new products identified are adequately protected
Ensure efficient systems and processes are in place
Assess whether there are any contractual or regulatory requirements or constraints that arise from new market opps
Ensure all legal and regulatory requirements are met to enable your organisation to continue to supply its goods/services
What’s your organisation’s exposure to its suppliers?
What are the associated supply chain risks and how can these risks be mitigated?
Which supply contracts are most likely to be impacted and therefore at potential risk of dispute?
Work with procurement/ops managers to evaluate supply chain risk and identify opportunities to mitigate these risks
Report to the Board on supply chain risks and mitigation proposals
Review all your organization’s supply contracts
Establish processes to preserve your organisation’s legal rights in event of dispute
- What are the practical (and legal) implications of the C-19 restrictions?
- Has an HR resourcing risk assessment been completed?
- Do employees have the equipment they need to work remotely?
- Are there any security/cyber issues as a result of remote working?
- Are managers/leaders keeping in regular contact with their teams?
- Work with HR to complete a resourcing risk assessment
- Review your organisation’s remote working and IT security policies
- If any training is required, ensure contracts with external training suppliers are robust
- Review equipment procurement contracts and licences
- Ensure there is a process for regular comms between your organisation and its employees
- What needs to be done to reopen your workplace?
- Do any insurance claims need to be made?
- Does litigation need to be started/progressed?
- Has the organisation kept in contact with staff/contractors?
- Have relationships been maintained with key suppliers and/or service providers?
- Is your organisation ready for the ‘new norm’?
- Check whether your organisation has written contracts with its key suppliers. Are they are sufficiently flexible to allow for future developments?
- Check your contracts with customers. Do they allow your organisation to support them as their own businesses evolve?
- Reflect on what any temporary new working practices may mean for you/your team in the longer term
As part of the session, we ask the attendees a series of questions to gauge the overall response and sentiment to Covid-19 in in-house legal teams. Here are some insights from last Wednesday’s session:
Answers to a poll question:
[Q. What has been one challenge you need support on resulting from working remotely?]
Professional Development session: Thursday 2 July, 5.30pm - 6.15pm
Supporting you succeed – how to advance your career in these uncertain times. Various senior counsel
Networking and Social session: Thursday 9 July, 5.30pm - 6.15pm
We are running a series of sessions over several weeks. Each session will be bite size as we realise a lot of legal departments are even busier than normal, covering topics to help you succeed.
Please join us for our next session, which will be held on:
Thursday 2nd July, 5.30pm - 6.15pm
Click here to register.
See full details of our In-House Advisor module here
Not a current LexisPSL subscriber? Use the trial form below to understand more.
Free trials are only available to individuals based in the UK
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Amy is an established writer and researcher, having contributed to publications, such as The Law Society, LPM, City A.M. and Financial IT. Her role at LexisNexis UK involved leading content and thought leadership, as well as writing research reports, including "The Bellwether Report 2020, Covid-19: The next chapter" and "Are medium-sized firms the change-makers in legal?"
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