Warren Buffet famously said, "It takes 20 years to build a reputation, and five minutes to ruin it." Today, his words continue to ring true, especially with increasing instances of fraud, information security breaches, unethical behavior, product recalls, and other internal and external risks. The recent economic crisis demonstrated how the credibility of some of the most revered global companies can be lost in an instant. According to Willis Group Holdings, the global insurance broker, a staggering 95% of major corporations have suffered at least one major reputational crisis in the last 20 years.
In this high-risk business environment, the General Counsel plays a critical role in anticipating and mitigating legal risk, identifying reputational issues, and acting as an advisor to the CEO. Ensuring regulatory compliance - a task that was once the sole responsibility of the Chief Compliance Officer - has also become part of the General Counsel's functions.
Meanwhile, organizations are increasingly looking to gain market share and surpass the competition. This, in turn, is leading them to expand across multiple geographies, and grow their resource base. What lies behind are the increasing risk of regulatory violations, unethical sales and marketing practices, and violations of HR practices. It is crucial for the General Counsel to continuously monitor these factors, and take them into consideration while developing a legal risk mitigation strategy, and preventing loss of reputation.
Having a robust legal governance program in place enables the General Counsel to always stay one step ahead of legal and reputational risks. It also reduces the cost of legal matter management and exposure to lawsuits, regulatory fines, and penalties.
Join Michael Rasmussen, Compliance and Risk Advisor at Corporate Integrity and Gaurav Kapoor, COO at MetricStream on this MetricStream hosted webinar that will discuss:-
- The current business and risk environment that organizations are situated in
- The importance of the General Counsel's role in protecting organizational reputation
- The core elements of a Legal Governance program
- The role of technology in enabling effective Legal Governance