Rise in Complexity Gives Corporate Counsel the Willies
In this piece in ELM Solutions, Cristina Faherty, an Account Executive at CT Corporation, discusses five tactics in-house counsel can use to address their most pressing concerns, which include: regulatory uncertainty and the emergence of complex global challenges; budgetary constraints, which are a perennial concern, by optimizing outside spend and overall department efficiency, without sacrificing the quality of work produced; and handling the increasing complexity of many issues, which can overwhelm some departments.
Here are five tactics that corporate legal counsel teams can use to address these concerns:
1. Leverage technology to improve law department efficiency
2. Control costs via strategic outsourcing
3. Focus on legal operations
4. Mitigate cybersecurity and data privacy risks
5. Seek out training and updates on regulatory change
"Law departments can strive to improve governance, risk, and compliance (GRC) capabilities by following best practices outlined in the Open Compliance and Ethics Group (OCEG) GRC Capability Model," Faherty writes. "The GRC Capability Model is the first open-source standard that integrates the various sub-disciplines of governance, risk, audit, compliance, ethics/culture, and IT into a unified approach. It can be used to address a range of situations from small projects to organization-wide rollouts, as well as a variety of subject areas from anti-corruption, business continuity, and third-party management."
Published June 13, 2022.
