The International Standards Organisation has approved the first international standard on the management of legal risk.
The new standard provides an international framework outlining good practices, supplementing the general risk management standard ISO 31000, and is designed to guide companies in the management of legal risk in relation to all their operations and activities.
Published this week, it represents the culmination of nearly four years of work amongst nearly 60 member countries and member bodies of the ISO.
As co-convenor of the ISO working group, CMS partner Dr Sam De Silva played a leading role in the development of the new ISO standard, ISO 31022.
“Legal risk is gaining a higher profile in light of increased regulatory scrutiny and cross-jurisdictional legislative updates such as the GDPR," he said. "The guidelines and best practices outlined in ISO 31022 offer companies a framework to help them implement risk management processes suited for their specific situations and needs. My aspiration is that it should encourage a more structured and consistent approach to the management of legal risks.”
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