Managing risk
Managing risk

The following In-House Advisor guidance note provides comprehensive and up to date legal information covering:

  • Managing risk
  • What is risk?
  • Process can give you a structure on which to base your intuition

Managing risk is central to the role of in-house lawyers, whichever organisation you work for. This Practice Note is an introduction for junior lawyers new to in-house which aims to provide a starting point for establishing what that risk is and how it can be assessed.

What is risk?

Risk is a nebulous concept to pin down, Tom Kilroy has some useful thoughts here about some of the creative ways of getting to the bottom of what is hanging out there by way of risk.

It can be such a whirlwind being at the centre of it, so it pays to look at more process-driven methods of determining legal risk. Even experienced lawyers need some sign-posts to help them view legal risk at a strategic level—and to work through that risk with the focus of an operational risk manager. For many, even at senior level, evaluating legal risk needs to be a combination of good judgment AND process. Process as the bedrock is fundamental, but what needs to be avoided is a 'tick-box' culture.

Process can give you a structure o