Published: 30 April 2019
Analyst(s): Legal and Compliance Research Team
Legal leaders’ core mandate is to mitigate the organization’s risk exposure. This research helps legal leaders responsible for legal, compliance and privacy choose appropriate risk mitigation tools for identified risks and implement best-in-class risk mitigation plans that balance risk with reward.
Table 1: Risk Mitigation Tools and Use Cases
Implementation Tips for Building Effective Risk Mitigation Plans
Training and Communications
Principle 1: Focus Training on Application of Key Principles, Not Just Awareness
Principle 2: Provide Interventions at Key Moments in Business Partners’ Careers
Principle 3: Use a Standard Agenda to Provide Real-Time Advice on Emerging Risks
Principle 4: Implement a Policy Governance Structure
Principle 5: Use Accessible Language and Learning Aids to Facilitate Comprehension
Principle 6: Build Controls Into High-Risk Business Processes and Systems
Principle 7: Get Involved Earlier to Reduce More Risk at Lower Cost
Principle 8: Drive Process Adherence by Reducing the Burden of Third-Party Risk Management
Recommended by the Authors
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