| | FEBRUARY 202319According to you, what are the potential risk management skills companies should develop considering the changes in law or political situations that may pose future legal uncertainty?Today's GCs need to be constant learners. The objective is to apply their knowledge to the benefit of their organizations. Understanding geopolitics and its implications have become crucial. GCs need to take a keen interest in this area and advise the organization on the possible risks of doing business in sanctioned countries and with sanctioned Specially Designated Nationals (SDN). In this turbulent yet interconnected globalised world, geopolitics plays a major role in doing business in many countries. There are more than 50 odd countries on whom sanctions are being imposed by the US, UK and the European Union. Understanding them and taking business decisions in light of the regulations pose challenges. What would you suggest to companies in terms of facing corporate litigation, on the same? How should legal teams work to avoid negative impacts on an organization's financial results?I suggest the avoidance of litigation because it is expensive, time-consuming, and bad for the image. I always recommend taking preventive action to avoid litigation than facing it. This can be achieved by preparing proper and legally enforceable legal documents at the beginning and looking for Early Warning Signals to avoid litigation. I support the preparation of a dispute resolution policy not only for conducting litigation but also how to avoid it. Getting adverse publicity in case of litigation is a major risk. Resorting to arbitration is a viable alternative that should be promoted. Such arbitration has its own challenges, but in today's world arbitration is being favoured more and more. However, before arbitration companies should seriously and sincerely think of formal or informal mediation so that even lengthy and costly arbitration can be avoided.Specify the significance of educating business colleagues on aspects regarding compliance issues raised within a business?Knowledge is power. Everybody must keep learning all the time. GCs are no exception. We are in a globalized inter-connected village and business is a part of it. With more and more businesses becoming There is a need to acquire up-to-date knowledge all the time. This can be achieved in many ways. Apart from self-learning and attending seminars proves to be beneficial
< Page 9 | Page 11 >