Risk management framework introduction
A framework for legal risk is a method to fold risk management into the organization, regardless of the source or cause of the risk.
Framework
A framework for legal risk is a method to fold risk management into the organization, regardless of the source or cause of the risk.
Leadership and commitment
Risk management can succeed or fail based on support from senior management. This does not mean that the CEO, managing director, or board of directors is the sole authority for support of a legal risk management initiative.
Risk framework integration
To be effective, the risk management framework needs to be woven into the business strategy, not separated from it.
Risk framework design
A risk management framework should be simple but not simplistic. If a frontline manager cannot use and understand the framework, it probably isn't much use.
Risk models
At the core of the design of a risk framework is the risk model. A risk model is the technique we use to calculate or measure a particular risk.