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How to Manage Risk

Learn a pragmatic method to identify, analyze, and manage all kinds of business risk, such as legal risk, contract risk, and operational risk.

Introduction to Risk and Risk Management

This video series makes your business better with risk management. Take practical steps to understand risks before they land on your bottom line. This approach to risk management can help businesses of all sizes and in any industry. There are plenty of examples particularly for legal and operational risks.

Risk Management Series Overview

Gain a quick introduction to risk management and legal risk Get an overview of the entire video series.

Key Terms and Concepts in Risk Management

Learn important definitions for risk management. This foundational video presents definitions in clear language that are used throughout the series.

What is Risk?

Learn the basics of risk and risk management. Practical examples lay the foundation for understanding risk.

Risk is the effect of uncertainty on objectives

According to ISO 31000, risk is the effect of uncertainty on objectives. But what does that mean?

Risk measures uncertainty

Risk and uncertainty are inescapable. But you can measure and manage them.

What is legal risk?

Why is legal risk special? There are four types of legal risk: contract risk, litigation risk, regulatory risk, and policy risk. Understand all four.

Summary of terms and key concepts

Get the summary of important definitions related to legal risk.Get the summary of import

Risk Management Principles

This section of the risk management video series explains the principles for selecting an approach or framework to risk management.

Principles of Risk Management

Learn core principles of risk management, especially as applied to legal risk. These principles will help you evaluate the legal risk framework for your organization.

Risk Management Framework

This section of the risk management video series covers development and implementation of a risk management framework or system.

Introduction to Risk Management Frameworks

Overview of key concepts for risk management frameworks. What is a risk management framework? How do you develop and use a risk management framework?

What is a Risk Management Framework?

Understand the important concepts in a risk management framework, like mandate, design, implementation, and more.

Risk Management Mandate

Get executive support for risk management in your organization. Learn what a risk management mandate is and how to get one.

Designing a Risk Management Framework

Learn how to design a risk management tailored to your organization. Your framework should be easy to understand and adapt to your needs.

Precision in Risk Management

Beware of too much precision in risk management, particularly legal risk management. Learn why you should treat precision carefully.

Risk Management Models

Learn a simple, effective way to develop risk models. This technique is especially useful for risks that are difficult to quantify, like legal risk.

Heat Maps for Risk Management

Learn how to develop a risk management heat map. Also, understand the limitations and pitfalls with a heat map to report of risks.

Risk Plot Visualizations

Learn how to use a risk plot to visualize risks using a qualitative risk model. Risk plots allow you to compare very different risks against each other so you make smarter decisions.

Risk Management Work Product

What is the work product of legal risk management? How do you present findings and reports? Watch this video to learn about effective techniques for presenting risk data to management.

Summary of Risk Frameworks

A quick review of lessons learned about risk management frameworks, including key terms.

Risk Management Process

This section of the risk management video series explains the principles for selecting an approach or framework to risk management.

Introduction to the Risk Management Process

In this video, we look at the method for assessing legal risks. This video outlines the steps to spot and rate legal risks. We will also cover risk treatment or risk mitigation. There are five key terms for this chapter: assessment, identification, analysis, evaluation, and treatment.

Risk in Context

Context matters. It is tempting to identify risks that, while real, are not relevant to your context. There are some risks that are simply too large or too derivative to spend time analyzing.

Legal Risk Criteria

The risk criteria guide our recommendations about what to do with a given risk or collection of risks. We define what risk is a acceptable to the organization.

Legal Risk Assessment

Finally, we have arrived at risk assessments, the core of the risk management process. A risk assessment goes through three phases: identification, analysis, and evaluation.

Legal Risk Identification

To identify risks is to look for, imagine, and dig up potential problems and then put them on a list. Risk identification does not need to be more complicated. At this stage of the process more is definitely better; later less will be more. Lawyers refer to this process as "issue spotting." The objective is to brainstorm risks.

Legal Risk Analysis

In risk analysis, we probe the depths of a single risk. It is an investigation of a risk that results in a rating and input for risk evaluation. Risk analysis values depth over breadth. In a risk analysis, we want to rate the likelihood and consequences of a risk event. Now you might ask, “But we did that during the risk identification?”

Likelihood and Consequences of Legal Risk

This video covers how to measure the likelihood and consequences of legal risk as part of your legal risk analysis.

3 Pitfalls with Risk Assessments

Risk management must confront three significant issues: critical versus chronic issues, uncertainty, and screening. This video explains all three with recommendations how to deal with the issues.

Summary of Key Concepts in Risk Assessments

Key concepts and take aways about legal risk assessment, including probability (likelihood) and consequences.

Legal Risk Evaluation

Now that we have identified and assessed legal risks, it is time to evaluate our options. Should the risk be ignored or treated?

Risk Treatment and Mitigation

When you decide to act to deal with a risk, you are "treating" that risk, meaning that you are modifying it or changing the likelihood or consequences.

Risk Communication and Collaboration

Effective risk assessments require collaboration among domain experts and those with access to necessary information. The risk management framework should address the communication plan for risk management in general.

Summary of Risk Management Process

Get a quick review of the legal risk management process.
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