Legal Risk Management is a part of the Legal, Governance, Risk and Compliance Model (LGRC). It refers to the process of evaluating alternative regulatory and non-regulatory responses to risk and selecting among them. Even with the legal realm, this process requires knowledge of the legal, economic and social factors, as well as knowledge of the business world in which legal teams operate.
The definition of legal compliance, especially in the context of corporate legal departments, has recently been expanded to include understanding and adhering to ethical codes within entire professions, as well. There are two requirements for an enterprise to be compliant with the law, first its policies need to be consistent with the law. Second, its policies need to be complete with respect to the law. The role of legal compliance has also been expanded to include self-monitoring the non-governed behaviour with industries and corporations that could lead to workplace indiscretions.
NRCA consultants have the necessary qualifications and/or experience to assist clients in satisfying their Legal, Governance, Risk and/or Compliance requirements.