In an article recently published in LPM magazine, I discussed the idea of how the data firms already have within their systems, can be used to reduce risk.
One aspect of management law firms fall short with is using data to minimise risk. Risk is a very broad topic that must be considered by all firms from financial, regulatory, legal process, business environment, physical environment and reputational angles. Some risk areas are clearly outside the scope of data held by firms – for example, the risk of flooding. But other risks, particularly financial, regulatory and legal process can be easily measured and monitored using existing systems and through better use of collected data.