Risk Assessment: A Primer for Corporate Counsel
In an article published by InsideCounsel on Aug. 11, 2015, Glen Jenkins offered insights for in-house counsel on effective risk management programs. While risk typically conjures a negative connotation, Jenkins asserts the Institute of Risk Management’s (IRM) perspective that “avoiding all risk would result in no achievement, no progress and no reward.” With that positive perspective of risk in mind, coupled with potential negative outcomes of any given risk, Jenkins underscores the importance of effectively managing risk to have the highest probability of a positive outcome. Risk assessment is the starting point for successful risk management, with assessment beginning with an understanding of who decides what level of risk is acceptable, including business owners, boards of directors and executive management. The process of conducting a risk assessment should be integrated into existing management processes. Jenkins concludes the article by offering Ten Tips for Conducting an Effective Risk Assessment. To read the full article, please click here.