Risk Management 101– An Ounce of Prevention is Worth a Pound of Cure
October 3, 2022 - Miranda Desa
More often than not, lawyers get the call after something has gone wrong. An accident, intellectual property infringement, or a hiring decision gone sideways.
I’ve been this lawyer hundreds of times and continue to take on this roll. But, over the years, I’ve learned how to give my clients a key advantage. I set my clients up for positive as well as unfavourable outcomes, so that when bad things inevitably happen, my clients come out on top.
Risk management is proactive legal advice that allows you to identify risks and plan for the future. It’s kind of like taking your car to the garage regularly. Things may seem to be operating correctly from where you are sitting but, failing to do regular maintenance work can often lead to bigger bills and problems in the long-run.
A Risk Management Lawyer Can Help You:
1) Ensure Compliance with Rules and Regulations:
a. Avoid costly fines/downtime
b. Prevent accidents
c. Reduce the risk of litigation
2) Limit Your Downside by Crafting Contracts that Protect Your Company:
a. Make sure that your company understands what it is agreeing to before signing on the dotted line
b. Negotiate limitations of liability/other provisions that reduce the cost of doing business
c. Draft employment agreements that protect your company, if things turn sour
3) Ensure Appropriate Steps are Taken to Safeguard Your Company’s Valuable Intellectual Property
a. Ensure you have enforceable agreements in place that protect your hard-earned intellectual property
b. Develop strategies and systems to prevent theft of your company’s ideas, inventions and creative expressions
4) Limit the Risk of Public Statements
a. Understand the risk of what you say beforehand and learn how to deliver a powerful message without taking on unnecessary risk
Risk management is like regular vehicle maintenance. It allows you the benefit of a professional looking at your operations and helping you to understand where the risks lie before it is too late to fix the problems. Many of these issues involve fixes that are simple on the outset, but without them can lead to complicated and expensive litigation, injuries, or fines.
The information on this site is not, nor is it intended to be, legal advice. You should consult a lawyer for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail.