Legal research has traditionally been used by corporations and law firms to support decision making, back up an opinion or win an argument. Legal research is a necessary tool in an effective compliance risk management program.
Legal research within the corporate compliance process provides information essential to accurately identify the potential risks that a company may face. The timely use of legal research helps in improving risk management effectiveness.
Effective management of legal research can be implemented by:
- Taking a proactive approach to legal research by anticipating potential problems.
- Having legal counsel identify the range of risks and the dimensions of each issue.
- Engaging legal experts to maximize accuracy by extending the reach of legal teams and allowing them to provide a deeper analysis of issues
- Sharing the legal research results across the enterprise.
- Revisiting yourlegal research regularly to keep it up to date.
Effectively applied legal research helps determine the legal consequences of actions and helps in making better, more informed decisions.