From the threat of security breaches, rising costs, and coping with the increasing volume and complexity of information, the risks are real and ever-present. According to Wolters Kluwer’s 2024 Future Ready Lawyer Survey Report, 74% of legal professionals see escalating challenges of information security management impacting their organizations, while only 29% feel very prepared.
Create an effective legal risk management strategy
Creating an effective legal risk management strategy is crucial to be prepared in the case of change. Components of a risk management strategy include risk identification, assessment, mitigation, monitoring, and adaptation. Having a plan ensures that stakeholders are informed about risks and mitigation strategies. As an in-house professional, your role is to ensure compliance but participate in planning and providing advice.
Store your data in a single place
If the company’s data is hidden in documents on shared drives, emails or spreadsheets, then how can you assess and mitigate risks? You can leverage technology to manage risk by storing your data in a single place. It allows you to have a clear picture of the entities, business units, and employees that could be affected. Set alerts and reminders for critical events so you’ll always be prepared.
Create a risk management culture
Many risks are due to human error, so it’s important that everyone in the organization is prepared to manage risks. You can accomplish this by creating a risk management culture, which includes engaging in dialogue with colleagues, providing training on policies, and sharing the importance of adopting technology to help you stay prepared.
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