Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

The Corporate CounselorFeaturesKickerLJN NewslettersNewsRegulationSectionsTopics

Defining the Intersection of Legal and GRC

By Daniel de Juan
July 02, 2015

While the convergence of legal management and enterprise governance, risk, and compliance (GRC) is not new, more recent efforts to manage this development through integrated technology are fast becoming a strategic imperative. This still relatively young area of focus is already showing significant potential to help corporations better manage the risk exposure and compliance concerns that have drained so much time and finances in the past. For the intersection of legal and GRC to be fully realized, these functions must work collaboratively to define how these areas interact in holistic terms, ensuring that the overlap between the legal function and GRC tasks (e.g., assessing and prioritizing risk, creating policies in response to a new regulation, or handling a compliance incident) can be tackled effectively and efficiently to the benefit of the enterprise.

Pressures on legal organizations to reduce costs, keep up with regulatory complexity, and serve a global client base have steadily increased in recent years. Between 2012 and 2014, a growing need to control legal costs led corporate legal departments to nearly double the percentage of their budgets allocated to outsourcing work to non-law firm vendors, according to a 2014 survey of chief legal officers from Altman Weil. By 2020, according to some estimates, the share of U.S .and UK corporates expected to be using legal process outsourcing could reach as high as 75%. At the same time, in-house counsel regard regulatory issues as the number-one litigation threat, according to a 2013 study by Grant Thornton. The complexity of these efforts is compounded by the need for large organizations to operate on a global scale, managing processes, spend, compliance, and risk across international borders.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs Image

A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.

Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Blockchain Domains: New Developments for Brand Owners Image

Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.

Supreme Court Rules Rejection of Trademark License Does Not Rescind Rights of Licensee Image

Mission Product Holdings, Inc. v. Tempnology, LLC The question is whether a debtor's rejection of its agreement granting a license "terminates rights of the licensee that would survive the licensor's breach under applicable nonbankruptcy law."