20 keys to understanding and establishing communications protocols for risk assessments
The time spent preparing this "protocol" can be a valuable investment, as structure will be in place to protect the organization during the risk assessment.
March 31, 2014 at 04:00 AM
13 minute read
The original version of this story was published on Law.com
Proactive risk assessment can be a powerful tool for an organization seeking to avoid a litigation or regulatory “event.” Failure of the organization to accurately anticipate risk can have serious consequences, including a damaged brand, excessive legal fees and a transformed organizational focus away from generating revenue to responding to discovery or regulatory inquiries.
There are a number of concerns that are often raised as organizations consider conducting a risk assessment. The question for management, in most instances, is whether a risk assessment uncovers information or facts that, once discovered, could potentially be discoverable and damaging — and very costly to address.
Unfortunately, this fear paralyzes many organizations and creates an environment where immediate action is delayed as a result of an unwillingness to address or accept the consequences of the status quo.
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