Industries are undergoing a digital transformation that is reshaping business priorities, capabilities and processes. Business leaders recognize this tremendous opportunity for innovation and competitive advantage, with 87% of senior business leaders identifying digitalization as a key priority.
At the same time, 77% of CEOs express concern about emerging risks associated with digital business initiatives. Most legal departments, however, have yet to adopt a strategy that allows them to enable digital business transformation while also effectively staying ahead of new and emerging digitalization risks.
This represents a critical gap in value support that legal departments need to quickly address, as legal departments that successfully achieve digital readiness can increase on-time project delivery by 63% and increase appropriate legal and compliance risk taking by 46%.
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Make Your Legal Department Digital-Ready
Enable digital transformation while effectively managing risk
4 Actions to Achieve Digital Readiness
To be digital ready, legal departments need to take these four steps:
- Clarify the role and accountability of stakeholders and provide appropriate legal support.
- Build rapid response capabilities to identify when and where digital risks are forming.
- Foster digital skills and competencies to acquire and transfer digital expertise.
- Ensure a business-focused approach to information governance that centers on providing legal guidance for appropriate uses of data.
Download our “Make Legal Digital-Ready” eBook to learn more about how to achieve digital readiness and reduce potential crippling risk to the business.