Legal GRC: Effectively Managing Legal Processes

Business presents a broad spectrum of legal and regulatory risks. The enterprise must reliably achieve business objectives while addressing uncertainty, acting with integrity and remaining within mandatory legal requirements. The significance of the legal department is growing. Today, the department guides the enterprise beyond putting out fires in legal matters. It is required to take on a proactive role in legal risk management and preventive law, while functioning as a critical pillar in an organization's risk management strategy. This requires that legal be integrated in the organization's governance, risk and compliance (GRC) management capabilities. By adopting an integrated approach to GRC, the organization can better manage legal risks, and ensure value preservation and growth. Legal is a critical player in the strategic design of the integrated GRC approach due to its understanding of matter management, issue identification, investigations, policy management, reporting and filing, legal risk and organizational obligations.