This infographic illustrates essential data to capture from almost any contract, starting with the basics, details and risk management data.
How to initiate a risk management framework for legal professionals, contract managers, and compliance officers.
Risk management is a broad and unhelpful term. What does risk management mean for legal professionals, including lawyers, contract managers, and compliance officers? Legal risk remains one of the most elusive areas for any organization to manage systematically. This article provides practical guidance to develop an initial legal and compliance risk management framework for contracts.
From contract manager, lawyer or compliance officer to risk manager in four steps
What every business can take away from JP Morgan's 3rd quarter financial results
JP Morgan Chase announced a third quarter loss of $380 million dollars, attributable to $9.15 billion in legal expenses (yes, that's billion with a 'B'). Those losses stem, in part, from contracts and business practices at core of its mortgage business.
How to establish a legal risk tolerance policy
How to Define Legal Risk
An introduction to the IC2 method
Contracts are private regulation of behavior. Two parties agree to a set of obligations for the term of the contract (and sometimes beyond). Contracts are replete with obligations, direct and conditional, that apply to one or both of the parties to the contract. The number and complexity of obligations can challenge the tracking skills of lawyers, contract managers and compliance staff.