Overview

We believe legal risk management is more than the discrete responsibility of a compliance manager alone. It involves business protection and is as much about managing people and change as it is about legal compliance. It has the potential to impact on all areas of business and is the concern of every employee, shareholder and stakeholder in an organisation.

Our approach to legal risk management includes the very important objective of freeing up management time to get on with its primary focus - running a business.

Accordingly, we have developed technology solutions for those situations where that response is appropriate and advisory solutions where that fits the bill.

The Australian Standard on Compliance Programs, AS3806, recognises that effective compliance requires more than just manuals and checklists. This Standard has become the ACCC's benchmark for effective compliance programs for the purposes of the Trade Practices Act and is also likely to expand that into other areas of law. Our legal risk management practice has experience in advising on and designing compliance programs that fulfil the requirements of AS3806.

Legal risk management: A different approach

Our legal risk management group provides advice focused on strategies for preventing or reducing the likelihood of adverse legal outcomes for our clients.

But legal compliance is only one aspect of effective legal risk management. At Freehills, we have an approach to managing and protecting an organisation's assets and reputation that steps outside the 'compliance square'.

Legal risk encompasses financial risk meaning that breaches of the law will not only end up costing the organisation, but also its owners or stakeholders and even the individuals involved.

An effective legal risk management program will help avoid these costs. It allows an organisation to structure its activities and systems to maximise protection and reduce risk. Our experts work alongside management to identify trouble spots and safeguard the organisation's assets and reputation.

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