Dealing with legal risk is part of lawyers’ daily lives. It is integral, ever expanding and growing more complex as technology evolves, businesses models shift, interconnectedness increases and legal regimes change.
The legal risk management guidelines issued by the International Organization for Standardization, ISO 31022:2020, provide organizations with a framework to address regulatory, third-party, contract and other risks that have legal implications. The framework can be helpful in identifying, analyzing and responding to the evolving risks that organizations and their counsel face in today’s ever-changing technology environment. This presentation will provide an overview of the ISO 31022 Standard and then examine how, even without fully-implementing the Standard, an organization can use the Standard as a template for responding to categories of legal risk such as those associated with contracting, organizational change, managing due diligence and changing regulatory requirements.