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Topic: Legal risk

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	Risk - Wikipedia, the free encyclopedia
		Risk is often mapped to the probability of some event which is seen as undesirable.
		In information security a "risk" is defined as a function of three variables: the probability that there's a threat, the probability that there are any vulnerabilities, and the potential impact.
		Risk in that case is the degree of uncertainty associated with a return on an asset.
	en.wikipedia.org /wiki/Risk (1634 words)

	Risk magazine - Legal risk optimisation
		But the lack of a legal risk model should not be taken as a criticism that the industry has done nothing to address and reduce the legal risks it has faced over the past decade.
		The legal risks of derivatives, therefore, are the legal risks of a bilateral contract.
		As legal risk comes to be viewed in a quantitative paradigm, just as any firm’s credit risk manager can assign a credit risk rating for any counterparty, the firm’s legal risk manager will be able to state a similar numeric for the legal risk rating of the firm’s derivatives.
	db.riskwaters.com /public/showPage.html?page=6677 (1739 words)

	Legal Risk
		Legal risk is risk from uncertainty due to legal actions or uncertainty in the applicability or interpretation of contracts, laws or regulations.
		Legality of derivatives transactions: In some jurisdictions there are issues relating to whether certain derivatives could be deemed gambling contracts and thus made unenforceable.
		Legal risk can be a particular problem for institutions who transact business across borders.
	www.riskglossary.com /articles/legal_risk.htm (388 words)

	Legal (Compliance) Risk (Site not responding. Last check: 2007-10-12)
		Legal risk is the risk arising from failure to comply with statutory or regulatory obligations.
		Legal risk also arises if the rights and obligations of parties involved in a payment are subject to considerable uncertainty, for example if a payment participant declares bankruptcy.
		Legal risk can result from a financial institution’s failure to comply with the bylaws and contractual agreements established with the bankcard associations, clearinghouses, and other counter-parties with which it participates in processing, clearing, and settling retail payment transactions.
	www.occ.treas.gov /efiles/disk2/booklets/Retail/retail_03e.html (485 words)

	Legal Risk (Site not responding. Last check: 2007-10-12)
		Legal risk is the risk of loss from a contract that cannot be legally enforced.
		Sources of legal risk include capacity and enforceability issues, as well as the legality of financial instruments and exposure to unanticipated changes in laws and regulations.
		Legal capacity, another element of legal risk that affects OTC derivatives, is defined as the legal authority to enter into a transaction.
	forbin.mit.edu /FinancialRisk/LegalRisk.jsp (547 words)

	YNHH Risk Management Handbook-Risk Management
		Risk management is a planned and systematic process to reduce and/or eliminate the probability that losses will occur in a specific setting.
		The third component is risk financing, which involves the mechanisms utilized to ensure that there are adequate financial resources available to cover any potential liability situations, and includes the procurement of adequate liability insurance coverage at reasonable premiums to cover such losses.
		The Office of Legal Affairs is responsible for managing and investigating the professional and general liability claims that are made against the medical center facilities, its employees and insured physicians.
	www.info.med.yale.edu /caim/risk/handbook/rmh_risk_management.html (731 words)

	Volunteer Legal Handbook - Risk Management (Site not responding. Last check: 2007-10-12)
		Risk management is the name for a collection of techniques and procedures a nonprofit corporation can use to minimize the risk of liability and, in the event of a problem, to minimize the consequences of the problem.
		The best-known contractual provision for allocating risk is the release.
		Risk management is not going to solve all legal problems, but it will help anticipate and avoid many claims, and provide a defense and the costs of defense in most claims that do arise.
	www.iciclesoftware.com /VLH7/VLH7RiskManagement.html (5317 words)

	USDA/RMA--Introduction to Risk Management
		The first legal issue that many family farms encounter is the nature of the entity under which the business is to be operated.
		Assuming a contract is legally enforceable, a concern arises as to nonperformance by a party to the contract.
		Although many in agriculture are not fully aware of their legal obligations, failure to comply may have serious consequences in terms of fines, penalties, and abatement.
	www.rma.usda.gov /pubs/1997/irm_e.html (1205 words)

	Counting The Cost of Legal Risk
		The natural result of the wide variety of legal claims and the large local variation in risk is a high degree of uncertainty about losses, the paper argues, noting that 21% of US banks were forced to make “material impact” disclosures during 2000 as a result of legal action.
		A member of the Basle Committee Secretariat maintains that initial concerns that operational risks, including legal risk, were not susceptible to quantitative analysis have begun to melt away.
		He does agree, however, that unexpected legal losses pose a particular problem for banks trying to measure their operational risk – simply because there is no data to allow the industry to judge how often it will face claims like those filed by Holocaust victims, or those stemming from regulatory investigations into analyst bias.
	www.erisk.com /ResourceCenter/Operational/CountingTheCostofLegalRis.asp (1072 words)

	Wilmott Forums - Enterprise Risk (Site not responding. Last check: 2007-10-12)
		The important distinction is between risk that we deliberately incur in order to make profit, which implies both that the risk can be modeled and that it is an inherent byproduct of a profitable activity, and risk that results from mistakes or sloppiness.
		Legal is usually managed by a lawyer, although contracting is often done by non-lawyer specialists.
		Risk minizimation should be handled by a head of Security, disaster mitigation should be the responsibility of a head of Insurance, both reporting to the Chief Operating Officer.
	www.wilmott.com /messageview.cfm?catid=8&threadid=4821 (1175 words)

	Legal Risk-Period
		The legal risk family must be aware that there is a legal risk - the risk being that until a final decision is rendered by the Appellate Court, the child is not eligible for adoption.
		Note: This scenario is a classic illustration of a legal risk situation, in that there is a strong basis to believe that a child will be available for adoption, but a legal impediment still exists.
		When a child is placed with a legal risk family, that family acts as a foster family to the child and is subject to Department regulations and policies applicable to foster homes.
	www.state.ct.us /DCF/Policy/Adopt48/48-9-5.htm (326 words)

	Minnesota State Archives Department
		Legal risk analysis is an important undertaking because there is constant tension between your limited resources and your mandate to responsibly manage the government records.
		The Legal Risk Analysis Tool will guide you through what your legal risks may be with respect to your records management practices and help determine what consequences might arise from the occurrence of those risks.
		This legal tool should not be utilized as a substitute for professional legal counsel in specific situations, and you are encouraged to seek the services of a professional for legal counsel in specific situations.
	www.mnhs.org /preserve/records/tis/Legalrisk.html (336 words)

	Legal Risk - 13 September 2004
		Legal Risk specialises in money laundering regulations, compliance and professional indemnity, particularly in terms of successor practices (eg Garratts in the case of Andersen Legal).
		Legal Risk was founded on the back of the two partners’ combined experience of some 1,000 solicitors’ defence claims.
		Legal Risk may be based in Liverpool, but much of the work is London-focused and it is pitched as a national practice.
	www.thelawyer.com /cgi-bin/item.cgi?id=111910 (520 words)

	Managing Legal Risk in the Citrus Industry
		Managing risk in the area of torts is very tricky because what you consider reasonable conduct, your neighbor or employee may not.
		It is essential to understand your exposure to risk so that you may accept that risk and manage it as closely as possible.
		The risk which we are discussing here is civil monetary risk, which generally takes the form of a court judgment.
	edis.ifas.ufl.edu /BODY_FE201 (3840 words)

	Financial Risk Management
		Because risk is a fundamental element of business, it is important that managers properly assess and manage it.
		A risk manager must deal with insurance, technological systems, regulatory and legal issues, political exposures, and both micro and macroeconomic fluctuations.
		Glitto gives legal advice or opinion only with respect to particular facts and only after conflicts of interest have been cleared and/or waved and after being retained as counsel.
	www.afn.org /~afn05451 (1784 words)

	Operational Risk
		model risk The risk that models are applied to tasks for which they are inappropriate or are otherwise implemented incorrectly.
		Risk Books (2003) is an excellent edited collection offering an all-encompassing treatment of the subject.
		Alexander (2003) is an edited collection addressing operational risk primarily in the context of Basel II.
	www.riskglossary.com /articles/operational_risk.htm (1460 words)

	LEGAL RISK MANAGEMENT FOR ASSOCIATIONS
		Legal Risk Management for Associations is intended to assist volunteers and employees who have positions of responsibility and authority for trade and professional associations in:
		The videotape is divided into five vignettes, each providing a broad scope of legal issues that will be useful for associations of all kinds, whether large, medium, or small in size and whether national, state, or local in focus.
		Legal Risk Management for Associations is not intended as legal advice or as a substitute for consultation with any association’s legal counsel; however, it should help association volunteers and employees identify potential legal problems and seek legal assistance if needed.
	www.apa.org /videos/4316582.html (188 words)

	Carlsmith Ball LLP- Legal Articles: "Legal Risk Management Manual For Foreign Business Startups In The United States" (Site not responding. Last check: 2007-10-12)
		Moreover, the various risk prevention measures we describe may overlap and are to a certain extent interdependent.
		The attorney should be asked to help the Foreign Parent establish a risk management budget, identify the most cost-effective risk reduction measures under the given budget constraints and allocate the risk management budget among the various measures.
		To the extent a judgment against the Foreign Parent is unenforceable outside the United States, the Foreign Parent's risk exposure in the United States is limited to the Foreign Parent's assets in the United States.
	www.carlsmith.com /art_legalrisk.htm (3421 words)

	Bank Director's Training \| Financial Report
		This is an example of credit risk – the risk the bank will not receive its principal and interest or experience some loss on the loans that it makes.
		Liquidity risk is the risk the bank will not be able to obtain the funds it needs to conduct its business at a reasonable cost.
		This is an example of legal risk - the risk that unenforceable contracts, lawsuits or adverse judgments could harm the bank.
	www.stlouisfed.org /col/director/financialreport/joinmeeting_practice.htm (949 words)

	Legal Risk-Homes
		To avoid multiple placements, a decision to place in a "legal risk home" should be considered as soon as it is determined Termination of Parental Rights will be filed.
		A legal risk family is expected to be able to make a strong commitment to the child and to be supportive whether the child remains with them permanently or is returned to the birth family.
		Should the child become free for adoption, the plan of choice would be adoption by the legal risk family.
	www.state.ct.us /dcf/Policy/Adopt48/48-9-2.htm (196 words)

	Legal/Reputational Risk - Banking Information, Federal Reserve Bank of Chicago (Site not responding. Last check: 2007-10-12)
		Legal risk arises from the potential that unenforceable contracts, lawsuits, or adverse judgements can disrupt or otherwise negatively affect the operations or condition of a banking organization.
		Reputational risk is the potential that negative publicity regarding an institution's business practices, whether true or not, will cause a decline in the customer base, costly litigation, or revenue reductions.
		Risk exposures are especially high for those that offer services such as private banking or correspondent accounts for non-U.S. persons.
	www.chicagofed.org /banking_information/legal_reputational_risk.cfm (447 words)

	Legal Risk Management Manual (Site not responding. Last check: 2007-10-12)
		It is now recognized that managing legal risk should be and become an integral part of the boardroom agenda and the company’s overall risk management strategy — identifying, measuring and managing risks, monitoring the adopted strategy and minimizing future legal risk, especially through employee education and awareness.
		Competition Compliance has to be a part of any legal risk management strategy — after all, for any company with ambitious plans to grow and globalize, competition laws (in the form of control of anti-competitive, restrictive or monopolistic practices and dominant undertakings) present major challenges.
		To understand legal risk is to announce awareness of the concept of legal privilege — the ability to prevent disclosure of certain documents on the ground that they are protected by professional privilege.
	www.globallawreview.com /legrismanman.html (1391 words)

	Legal Malpractice: Risk Reduction
		More than half of the carriers who write legal malpractice policies give 5 to 25 percent discounts to lawyers and law firms that use computerized systems to schedule their calendars.
		But legal malpractice carriers tend to give discounts based entirely on a firm's affirmation that it has a computerized calendaring program, regardless of whether it provides any real protection against malpractice.
		My premise is that carriers can significantly reduce their exposure to legal malpractice claims if they provide discounts only to firms that use effective legal calendaring programs that automatically schedule lawyers' calendars in accordance with court rules.
	www.compulaw.com /articles/Art_RiskReduction.htm (1197 words)

	Family Forums - Can someone explain legal risk to me...
		This is the "legal risk" that the foster parents know about in advance, and which they are willing to assume in exchange for the possibility that they may ultimately be able to adopt the child.
		From my understanding is that legal risk means that the child is not available for legal adoption.
		My daughter is currently placed with me as legal risk, which means they have begun termination of parental rights and expect it to go through, but it isn't a done deal.
	forums.adoption.com /archive/index.php/t-135416.html (406 words)

	Adoption and Foster Care Glossary - Legal Risk Placement -
		Before a child can be legally adopted by another family, parental rights of his or her birth parents must be terminated.
		In a "legal risk" adoptive placement either this termination of parental rights has not yet occurred, or it is being contested.
		Learn about risk in adoption, what it means, and how to evaluate your own situation.
	www.adopting.org /adoptions/adoption-and-foster-care-glossary-legal-risk-placement.html (189 words)

	Legal Risk : Risk Management Solicitors
		Definition of operational risk: "The risk of loss resulting from inadequate or failed internal processes, people and systems or from external events." (Basel Committee on Banking Supervision).
		Legal 500 for defendant professional negligence - with particular expertise in professional indemnity insurance, risk management and money laundering compliance.
		Interview on Radio 4's You and Yours with Legal Risk partner Frank Maher on 14 September 2005 on managing block notifications to insurers pre renewal - see News and Events page.
	www.legalrisk.co.uk (286 words)

	Managing the Changing Dynamics of Legal Risk and Ministry (Site not responding. Last check: 2007-10-12)
		Generally, the goal of a speculative risk is profit, although not all speculative risks are financial.
		While faith risks are inherent in one’s relationship with God, ministry risks arise out of a sense of calling that becomes manifest in specific plans and actions.
		The purpose of risk management is to reduce and, to the extent possible, eliminate pure risks from ministry.
	enrichmentjournal.ag.org /200401/200401_54_dynamics.cfm (1949 words)

	ComLinks Y2K Archives - Legal Risk Management
		It is also a multi-faceted legal and risk management problem of large proportions and complexity, cutting across all industry boundaries.
		Managing the legal risks and maintaining the procuring coverage appropriate for the dual role of user and vendor is a daunting task.
		To avoid personal liability, directors and officers are required to meet the applicable legal standard of care in taking the actions necessary to fix the problem in the company's own systems without business disruption.
	www.comlinks.com /legal/tmjb8.htm (590 words)

	The Legal Realities of Computer Logs - ITAudit - The Institute of Internal Auditors (The IIA)
		Cyber risk typically applies to any company that has electronic assets — everything from intellectual property and business records to personal information and communications with coworkers, clients, corporate partners, and customers.
		It is essential to be able to distill information quickly from the terabytes of log data that an organization generates for compliance with legal standards and judicial rules of evidence.
		Corporate information assurance issues — be it privacy, systems security, or legal risk management — are much more than just considerations for executives; rather, social forces backed by law have made them a responsibility.
	www.theiia.org /itaudit/index.cfm?fuseaction=forum&fid=5569 (1663 words)

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