Peer to Peer Magazine

www.iltanet.org 22 Peer to Peer As risk management is rapidly evolving in law firms, what strategic opportunities arise? ASK THE VEndOR If you're interested in directing a question to the vendor community, submit your ideas to editor@iltanet.org. G ood risk management is a proactive practice that helps you identify, assess, implement and measure all those activities that allow your organization to be strategic in the course of doing business. This means learning to balance value reduction with excessive expense. Viewed from a narrow perspective, this has often meant experience with aspects of credit, compliance and environmental risk. Today's legal enterprise, however, is dependent on technology for its communications and information reliability. The life blood of the enterprise, knowledge and intelligence, are a real competitive advantage. In the form of data in IT systems, paper in the field, on desks, or in cabinets, information is a valuable asset. Determining the threshold of information loss acceptable (risk tolerance) is a strategic business decision that should be made at the highest organizational level. Jeremy Busbee Account Executive, SunGard Availability Services T here are opportunities for organizations taking steps to enhance their risk management and compliance capabilities. by doing so, firms are better able to win business, impact insurance costs, and protect themselves against financial and reputation losses. surveys show that clients increasingly ask about confidentiality management in RfPs and counsel guidelines. Previously, a "handshake" and firm promises of good faith efforts might suffice. today, client attitudes have shifted to "trust but verify." (some have even commissioned third-party audits.) insurers are also looking more closely at firm practices, and new government regulations explicitly apply to law firms. in this context, it must ensure that firm management and risk committees understand the relationship between risk and technology, and the strategic implications of good risk management. this includes identifying disconnects between policy and practice, and providing tools that help their organization minimize risk and keep up with industry standards. Dan tacone President, intapp R isk management is a way of life and a necessity in the business world present and future. Risk-related issues are on the rise, and there are numerous problems to solve, security technologies to buy, and "best practices" to select. A convergence of tools to quantify risks, understand regulatory requirements, add security and provide simplification to a series of potentially complex issues is a growing need. Regulatory and client needs drive adoption of risk management technologies within firms. Risk management is a strategic advantage, and a law firm's ability to demonstrate efficiency in managing risks is a significant differentiator. Deepak Massand CEO, Litéra

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