Articles and Speeches
20 Keys to Understanding and Establishing
Communications Protocols for Risk Assessments
April 1, 2014
David F. Katz
Proactive risk assessment can be a powerful tool for an organization seeking to avoid a litigation or regulatory "event." Failure of the organization to accurately anticipate risk can have serious consequences, including a damaged brand, excessive legal fees and a transformed organizational focus away from generating revenue to responding to discovery or regulatory inquiries.
There are a number of concerns that are often raised as organizations consider conducting a risk assessment. The question for management, in most instances, is whether a risk assessment uncovers information or facts that, once discovered, could potentially be discoverable and damaging — and very costly to address.
Unfortunately, this fear paralyzes many organizations and creates an environment where immediate action is delayed as a result of an unwillingness to address or accept the consequences of the status quo.
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