Peer to Peer Magazine

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Ostemolo es et excest, cus, sae modistia venim anisti voluptatem quam nus pe antota conse porempo reictatecto erferspiet hariae parias a venditis es vere volor sequi optat archicias aut laccae proressi ut odi blaboreius. Article TitleLatempos temperatem que occus verem. Faccullabor Intro paragraphBea apedigenda dus noste alia quia volume omnis con nienis dite suntur, nem harchilibus que sitaque non nullorum ut lam, consequatem quid quuntur? Qui re, nus modit ad ea quasi duciis et quamendae nossustem untinve licilis itatur sit odioresequos nos none estintiae. Por sit dita nonserovid ut aboreria desequi author byline 80 PEER TO PEER: THE QUARTERLY MAGAZINE OF ILTA | SPRING 2017 The benefits of adopting more robust risk management policies for internal functions have become more apparent. Firms that traditionally have not prioritized risk management are finding that embedding risk sensitivity into a variety of firm policies provides real benefits, including less exposure to questionable maers and reduced data loss. Information Governance and Security Firms are oen asked to respond and even commit to information governance standards dictated by clients. IT staffing resources that are aligned with the risk management function are intimately familiar with relevant firm policies and protocols, making them beer prepared to respond to or negotiate with clients. Any gaps in or exceptions to expected security need to be investigated and rectified as quickly as possible. This is made simpler when IT is integrated into the risk management function. Equally important is the development of sensible retention policies for client and maer information. A firm's data are continually at risk of a security breach, and excising data that no longer have a business use helps mitigate that risk. It is also essential to control the sharing of information outside of the firm, which is one of the greatest areas of security vulnerability. There is a strong business case for limiting access of information to only what is necessary for a particular user. Policies like these can be more easily implemented when IT is already involved with the risk management function. Application Development and Support Firms may utilize a combination of commercially available soware plus custom databases and applications to manage all their data, and IT resources Sophisticated information technology operations are dedicating resources to internal business functions, including risk management, for the detailed technical work these operations require. by Harley Kasha and Aaron Sternick of InOutsource Reinforce Risk Management are required to support the daily use of these products. IT workers embedded within the firm's risk management function will be familiar with the applications and can offer immediate support. Ideally, they would also perform the majority of regular upkeep, upgrades and customizations. This reduces reliance on outside vendors and accelerates delivery of new features and functionality. Integrations Information regarding clients, maers and parties involved in the business intake process propagates out to multiple firm systems, making IT's task of maintaining a "system of record" for core data, whether on premises or in the cloud, increasingly complex. Systems once maintained in hard copy format are now maintained electronically, adding a whole new layer of IT responsibility in ensuring that systems remain interconnected and integrations are functional. User Support When users do not have full knowledge of business processes or soware best practices, they can be inadvertent sources of risk. Aorneys need to understand their firm's risk management policies, and they need help in understanding the soware that enables fulfillment of those policies. These users will inevitably require technical support in their day-to-day usage. In most firms, the risk management function is not equipped to handle these calls, so the help desk or other support personnel need to be aware of these policies. Business Intelligence With the volume of data involved in risk management decisions, metrics reporting helps streamline processes and ensure all policies are followed. The human and technology paerns provided by these reports allows management to make effective operational decisions. Having IT personnel on hand who are familiar with the functioning of these metrics can make it easier to change and add them to follow up on areas of potential risk. Reinforcing Risk Management When it comes to risk management, IT must go beyond responding to articulated requirements. IT in the modern law firm must be intimately involved in operational decisions and highlight the technical aspects of emerging areas of concern. P2P EXTRAS Reinforce Risk Management

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