InHouse/Association of Corporate Counsel has released four videos from its recent General Counsel Roundtable on Risk Management. Each video is about 9 minutes in length:
- The role of external counsel
- Managing risk in-house
- How in-house counsel mitigate risk
- Dealing with the risks of social media
Here is my favourite, the one on an emerging area in risk management, social media:
The roundtable is also the cover story of the latest issue of Canadian Lawyer InHouse magazine: Managing risk in-house.
The six participants are:
- Mark Adams, senior vice president, general counsel, and corporate secretary, AGF Management Ltd.
- Nathalie Clark, general counsel and corporate secretary, Canadian Bankers Association
- Megan Evans, chief legal and risk officer, The Hospital For Sick Children
- Brian Hilbers, general counsel, Bruce Power
- Av Maharaj, vice president and chief counsel, International, Kellogg Co.
- Veta T. Richardson, president and CEO, Association of Corporate Counsel
Jennifer Brown, editor with InHouse, moderated the discussion.
The videos gave me a better understanding of some of the work of corporate counsel. Law firms who act as external counsel should definitely watch to gain an understanding of the corporate counsel viewpoint.
A few of the things that I learned from the series:
According to Brian Hilbers of Bruce Power, in-house counsel brings value in the area of developing risk strategy in these ways:
- understanding and articulating risks
- developing strong relationships with the key stakeholders in the organization so they go to their in-house counsel with those risks, and counsel can therefore provide feedback
- being “courageous” to speak out in the face of risk; saying no when you need to say no. He points out that having the strong relationships in place makes it easier to speak out.
Nathalie Clark of Canadian Bankers Association sees her role as having a deep understanding of the vision and strategy of the organization. This helps to understand the business and how the vision is being operationalized.
I was interested in the mentions of enterprise risk management strategies and enterprise risk management frameworks. Here on Slaw we sometimes talk about law firm risk management, but we don’t usually extend that to look at risk management for corporations and other organizations.