The cost of litigation can be prohibitive. Between discovery and motion practice it is easy to spend more than the case is worth before even getting close to trial. Everywhere you look there are stories about the increasing costs of litigation (and lately arbitration, too). We are also in an era of increased regulatory oversight and enforcement in the wake of the financial crisis. There is the emergence of Dodd-Frank and various new reporting requirements and other pushes to enforce existing laws, such as recent emphasis on enforcing the Foreign Corrupt Practices Act.
Now more than ever it is imperative to have a thorough and disciplined approach to risk management. This is the first in a series of three articles on risk management. The focus of this article will be on identifying and quantifying risk and developing and maintaining a risk management program. The second article will focus on how to reduce or transfer risk through insurance and reinsurance. The third article will focus on how to manage your risk with an eye toward gaining an advantage in litigation and enforcement proceedings.
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