It’s no secret. Organizations are dealing with a challenging business climate. They lose millions due to lack of visibility and pay hefty fines resulting from the inability to keep up with an ever-increasing pace of business. Rising levels of uncertainty within our global economy have resulted in an alarming amount of potential pitfalls for incumbents and newcomers alike. This means risk management, current and future, has never been more of a top priority. For In-house Counsel, the bad news: you’re in the hot seat. The good news: In-house Counsel has a secret weapon—contracts.
While the role of Legal is changing, risk and compliance are not new challenges—risk and compliance have been “managed” for a long time. Organizations have developed a slew of departments and programs—performance management programs, risk management programs, compliance programs, corporate social responsibility programs, and so on.
Yet, unfortunately, these departments and programs are often siloed and ineffective, resulting in counter-productive objectives, sub-optimal outcomes, and even drawbacks, like:
- High costs
- Lack of visibility into risks
- Inability to address third party risks
- Inability or difficulty measuring risk-adjusted performance
- Negative surprises
To pour salt on the wound, Legal teams are also often kept in the dark when it comes to important strategic conversations because other business functions think Legal will only slow them down. Those functions don’t understand the value Legal can provide to them. It’s your job to show them. What’s needed is a modern approach, one that creates a comprehensive, integrated method of dealing with risk.
You can automate compliance, achieve growth through efficiency, and position contracts (and the Legal team) as the backbone of sustainable growth and scalability, using your contracts and your contracting processes.
The Essential Guide to Using Contracts to Manage Risk and Maintain Compliance for In-House Counsel should be on every Legal department member and every contract practitioner’s desk. Robust, with actionable insights—to identify, review, analyze, evaluate, mitigate, manage, neutralize, and eliminate risk using contracts—it’s a guide for how Legal teams can accomplish their three big goals: assure compliance; manage risk now and in the future; and enable growth through faster processes allowing other departments, and the overall business, to move fast without creating risk.
Download your free Essential Guide to Using Contracts to Manage Risk and Maintain Compliance for In-House Counsel.