A legal hold, also known as a litigation hold, is the process organizations use to inform relevant parties (custodians) that they must preserve their data for anticipated litigation. The duty to preserve evidence can be court-ordered or self-initiated for internal investigations, breach of contract...
As a risk assessment is conducted, vulnerabilities and weaknesses that could make a business more hazardous are analyzed. Potential vulnerabilities could include construction deficiencies, security issues and process system errors. Companies can use a risk assessment framework (RAF) to prioritize and share...
Operational risk:Operational risk is any form of loss caused by inefficient internal or outsourced processes. Brand risk:Brand risk is often a fallout of financial, security, and legal risk. Any negative public image will, directly and indirectly, affect your bottom line. ...
In the familial tree ofbusiness process outsourcing(BPO), legal process outsourcing is a robust branch, extending its reach to the intricate world of law. It's not just about sending work out; it's about sending work to the right hands—hands skilled in legalese and steeped in jurisprudence...
Legal operations (legal ops) is the combination of business activities, processes, and professionals that enable in-house legal departments to serve their companies more effectively. It encompasses a variety of activities that do not require a license to practice law, such as strategic planning, pro...
Legal ops professionals choose the right firms by performing due diligence, uncovering opportunities, negotiating better rates, handling contract management, and, overall, onboardingnew vendorsquickly. 4. Information governance With the goal of reducing corporate risk, legal ops is tasked with creating ...
Risk management is the process of identifying, assessing and controlling threats to an organization's capital, earnings and operations. These risks stem from a variety of sources, including financial uncertainties, legal liabilities, technology issues, strategic management errors, accidents and natural dis...
What is a High-Risk Business? What Does This Mean for Your Bottom Line? “High-risk business” is a designation applied by payment-card processors. It’s usually based on two general criteria: your industry (some verticals aren’t as stable as others) and your specific situation (things li...
A trust is a legal entity with separate and distinct rights, similar to a person or corporation. In a trust, a party known as a trustor gives another party, a trustee, the right to hold title to and manage property or assets for the benefit of a third party, the beneficiary. Trusts c...
A fundamental idea in finance is the relationship between risk and return. The greater the amount of risk an investor is willing to take, the greater the potential return. Risks can come in various ways and investors need to be compensated for taking on additional risk. Fo...