Risky Business – Effective Legal Risk Management Requires
Strong Leadership from General Counsel
The subject of this article grew out of a panel discussion on the role of corporate boards of directors in financial and legal risk management that took place at Stanford Law School’s annual directors’ college earlier this year. The popularity of that discussion underscored the importance of the subject in this era of mismanaged risks of both types.
For purposes of this article, I will leave financial risk management to board members, CEOs, CFOs and other financial experts. The focus here is on managing the risk of future illegal conduct, not the consequences of past wrongdoing, which often include investigations, criminal prosecution or civil litigation and liability. Plenty has been, and will be, written elsewhere on the management of legal risk in those situations.
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