Compliance and Risk Management oversees organization-wide activities, designed to help people meet the global and local compliance responsibilities. It works closely with all parts of the business, to identify and manage risks and confirm compliance, providing coordinated advice and assistance on independence, policy, conflicts, compliance, regulatory, security, claims, ethics and other risk matters that span over cyber, financial, restructuring, regulatory, strategic and operational risk. Law is a huge service-based business. Business, finance, taxation, litigation, corporate affairs, conflicts, patents, copyrights, antitrust, property, labour, arbitration, as well as administration, political, and social matters, all require expertise inlaw (advisory or enforcement).
The benefits that can be derived through automation and digital transformation by the Legal, Risk and Compliance firms, is to centralize IT risk and compliance for peak performance and results, connect multiple solutions on a single data model, align processes to best-practice plan-do-check-act methodology, improve decision making and accelerate time to value with fully integrated solutions. Advanced analytics creates value for the legal business, by making use of the large volumes of contract information