Legal Risk Management Strategies

Reduce risk during business change and uncertainty

Risk trends for the year ahead

Get a forward-looking view on the risks that will impact organizations over the next two years with our 2020 Legal, Compliance and Privacy Risk Hot Spots report.

This report helps legal leaders make proactive plans to improve board and executive education, strategic planning, and risk identification and assessment. 

Adapt your risk management strategies to the ever-changing business environment with these insights. 

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Learn about new trends in emerging risk areas that legal and compliance departments are focusing on.

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    When I think of the most meaningful impact of working with Gartner, it has been for both the executives and the board to have confidence around identification management of our largest risks. When I ask my CEO and my board what keeps you up at night, it’s the not knowing. And the risk assessment process with Gartner has helped us gain confidence.

    Sonia Galindo

    Former General Counsel and Corporate Secretary, Rosetta Stone

    Risk management strategies have not kept pace

    Legal and compliance executives are facing pressure from all sides on their legal risk management strategies. Changes in the regulatory environment and risk landscape are constant and unpredictable, while businesses are making big bets on digital transformation and renewing focus on innovation. As a result, the consequences of poor risk management strategies are no longer confined to just settlements and fines, but include damage to brand and business growth. 

    The risk landscape is changing. Top 7 risks by change in magnitude over the past year: Cybersecurity (57%), Data Privacy (56%), Digitalization and Innovation (49%), Cloud Computing (45%), Transformational Projects (40%), M&A (40%), Regulatory Environment (31%)
    Top Challenges for Legal and Compliance Leaders: 60% Identify risk management processes lagging behind changes in the risk environment as their most significant challenge and 18% express confidence in their ability to manage this problem.

    Identify and assess risks in real time

    Most organizations have not revisited their risk management strategies to ensure legal support aligns with the needs of a rapidly changing organization. To effectively manage risk in this environment, legal must expand to new risk areas and business strategies while ensuring alignment with the appropriate level of risk tolerance.

    Insights you can use

    Gartner provides the insights, tools and advice legal and compliance executives need to create new risk management strategies that effectively reduce the organization’s risk exposure without limiting the business’s ability to pursue strategy and achieve growth objectives.

    Apply 10 Principles to Legal and Compliance Risk Management

    Legal and compliance leaders routinely rank risk management strategy as a top priority and a core department mandate. Based on more than 15 years of research, Gartner’s report highlights 10 core risk management principles for general counsel and compliance officers.

    Enable Digital Transformation While Managing Risk

    Legal departments that are “digital-ready” — properly prepared and positioned to support digital initiatives — can increase on-time digital project delivery by 63% and increase appropriate legal and compliance risk taking by 46%.

    Empower the Business to Own Compliance Risk

    Employees who are empowered to manage risks are more likely to act on observed risks, report identified risks and feel confident owning risks. Learn new risk management strategies that shift from prescriptive to empowered risk management.

    Effectively Mitigate Third-Party Risk

    More than 80% of legal and compliance leaders did not identify third-party risks until after initial onboarding and due diligence. To best manage these risks, make the shift from a point-in-time approach to one that is iterative.

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    Client Success Story

    How do we support risk management?

    Sonia Galindo, Former General Counsel and Corporate Secretary at Rosetta Stone, describes how Gartner helped the organization strengthen their global risk management strategy. 

    Gartner topic experts

    Gartner’s legal experts include more than 60 people worldwide. Meet a few of our leaders. 

    Daniel Hebda
    Director, Advisory

    Dan Essig
    Senior Principal, Advisory

    Lee Elliott
    Director, Advisory

    Wyatt Hirsch
    Senior Principal, Advisory

    Jie Zhang
    Senior Director Analyst

    Elizabeth Kim
    Principal Analyst

    Mike Wonham
    Senior Director Analyst

    Bart Willemson
    VP Analyst

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