Legal risk management—board report
Legal risk management—board report

The following Risk & Compliance precedent provides comprehensive and up to date legal information covering:

  • Legal risk management—board report

    1. 1

      Introduction

      1. 1.1
        Date of report:[insert date]
        Date of last report:[insert date]
        Author of report:[insert name and role]
      1. 1.2

        This report identifies key legal risks, arising from two main sources:

        1. 1.2.1

          the operation of the legal team itself (narrow legal risks);

        1. 1.2.2

          other business risks that have a legal component, eg litigation risk, transactional risk, breach of intellectual property rights or risks arising out of a change of law (broader legal risks).

      1. 1.3

        For more in-depth analysis of [insert organisations name]’s legal risks, see Appendix 1 (Legal risk register) and Appendix 2 (Litigation register).

    1. 2

      Legal operations

      This section reports on risks to the business arising out of the internal functioning of the legal department.

      The table below reflects the top [insert number, eg three] highest-rated legal operations risks currently recorded in the legal risk register at Appendix 1.

      RiskRAG ratingDetailsMitigation and status
      [Insert, eg Operational departments dabbling in their own legal work][Insert, eg Red (you may wish to colour-code this column)][Insert, eg Two known recent incidents of operational departments failing to refer work requiring legal input to legal department. One related to a contract valued at £200k][Insert, eg Internal framework for instructing legal team already in place. Annual training to all managers and operational heads about the type of matters that could have a ‘legal’ aspect]
      [Refresher training

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