Risk Management Law Firm in the Philippines
The Risk & Crisis Management Group is a trailblazing service in the legal industry that complements the Firm’s practice. From crisis management planning to actual implementation, DivinaLaw has been able to assist its clients in situations of potential or actual crisis, both from a legal and PR standpoint.
Risk Management is the act of identifying, analyzing, controlling and responding to viable risk factors that can negatively affect an organization. These risk factors can be rooted from financial instability, natural and man-made disasters, technological problems, management miscalculation and other corporate dilemmas. The effectiveness of risk management strategies can be gauged based on their abilities to minimize probable risks and reduce their detrimental impacts within an organization or company.
What Is Legal Risk?
Basically, legal risks are risks that an organization faces in regards to legal matters. These are mainly brought by failure to comply with laws, rules and regulations mandated by the government and other governing bodies that supervise business entities. There are other instances wherein legal risks are due to lack or scarcity of knowledge, or even a misunderstanding of how laws work within a business environment. Some factors that can make an organization incur some legal risks are intellectual property rights, copyright violations, business connections, assets and liabilities and patents, just to name a few.
What Are Some Potential Legal Risks?
For an organization to thrive, one must keenly identify and address possible legal risks. By doing so, the organization can prevent these from happening, or if they happen, mitigating the consequences is at little to no cost. Identifying risks can protect the organization from financial loss or damaged reputation in the long run. Below are some potential legal risks managements that both large and small organizations should be aware of:
- Contract Risk Management
Contract risk management refers to the process of managing contracts in such a way that possible risks are identified, analyzed and minimized even before they are signed. Considered as an important facet of legal risk management, contract risk management can help businesses optimize the value of their contracts and ensure that their contracts comply with legal standards. Furthermore, there is a need for companies to execute this correctly because partnerships with other companies, supplier performance, and employee agreements depend on these contracts. - Compliance Risk Management
This type of risk management refers to the process of managing potential risks such as legal and financial penalties if a company or organization fails to comply with the industry’s standards and regulations. Compliance risk management also extends to the documentation of possible losses and liability if an organization fails to adhere to the said regulations. At its core, this type is focused on establishing an internal control that assures compliance with industry standards and obligations, and at the same time administer measures to mitigate risks and contain them at an acceptable level. - Privacy Risk Management
Privacy risk management refers to the process of analyzing and assessing the privacy risks of individuals that occur when they process or disclose their personal data. It also helps determine what necessary risk response the company should use to combat any risks that would occur.
There are numerous factors that can contribute to a company’s success. These factors should work with one another as one’s success or failure can affect the organization as a whole. Today, businesses have been savvy enough to leverage different third parties to help them achieve a different level of success.
DivinaLaw is a reputable risk management law firm in the Philippines that offers a wide range of legal services to help clients understand and navigate the complexities of laws in relation to business and organization management.
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Lawyers in this area of practice
Lawyers in this area of practice
Lawyers in this area of practice
Lawyers in this area of practice
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