A failure to address legal risks before they turn into actual problems can be devastating in the business world. From breaches of contract to compliance failures, companies that do not take steps to recognize and address their legal exposure can end up on the hook for damages, fines and penalties, and reputational damage.
But though some element of risk is generally inherent to conducting any type of business, not all exposure should be seen as inevitable. By applying some of the key principles of risk management to contractual and legal dealings, enterprises can proactively take steps to limit their risk of losses, as well as mitigate the level of damage they experience should a breach of contract or other problems occur. This is called legal risk management, and here are four key habits the best teams typically possess to inform their approach.Read More