Bryan HopkinsSpecial CounselLee & Ko

Legal Risk Assessment

The Identification of RIsk

Legal Risk Assessment•In order to implement a risk management

program it is imperative:

• 1. To conduct an assessment and evaluation of

the findings of the assessment

2. Risk management processes are usually in many companies not sophisticated

3. Implementation of a risk management plan usually happens over a 4 -5 stage process

Conducting Legal Risk AssessmentsI. Risk assessments happen in 4-5 stages:Creation of the Risk Assessment Project Plan •1. Identification of risk

•2. Assessment of risk

•3. Risk scoring- probability of risk

•4. Critical risk analysis

•5. Implementation of risk mitigation plan

Assessments of RiskII. What are the goals & objectives of assessments?

•Potential Objectives:• - minimize company’s legal expenses•- streamline a company’s service department•- implement a strong auditing program•- minimize product recalls• - have a global insurance program•- increase a company’s credit rating•- increase a company’s brand

Risk•III. Processes

•In order to meet the goals of an assessment- processes should be implemented

•How and why?

•What are the processes?

•Are they necessary?

Risk Identification ProcessesTo read more on Risk Identification, visit http://seoullegalriskmgmt.com