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Legal Risk - includes, but is not limited to, exposure to fines, penalties…
Legal Risk - includes, but is not limited to, exposure to fines, penalties, or punitive damages resulting from supervisory actions, as well as private settlements.
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Managing legal risk
There will also need to be a well-established secure process for drawing up contracts and contracting with third- parties and suppliers.
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In-house counsel who will lead on identifying the priority areas of legal risks and establishing processes for mitigating those risks
The ability to put in place an effective legal risk management process has to be led by the senior management.
Risk from litigation
Ensuring product safety and following all pertinent laws and regulations are ways to reduce this risk.
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It is often far better to negotiate a settlement that all parties are reasonably happy with than to hold out for your day in court, with its associated risks.