If companies have the correct documentation it will reduce to the barest minimum the risk they are exposed to when clients default on making payments. This may be achieved through adopting a legal risk management approach in managing future debts. At Zoe Lexfields we consider legal risk in categories namely: specific legal risk and generic legal risk.
For specific risks, we look at the chances that a contract between two parties would be considered unenforceable under the controlling legal authority. Generic legal risk involves situations where there is no clear controlling legal authority or where the law is unsettled on a particular issue.
We offer risk assessment-based advice touching on multiple practice areas to enable our clients to effectively manage and control risks. We provide a holistic approach to the provision of our services. Our Risk Management Service is designed to assist companies with legal risk management protocols. We will employ a proactive approach to identify and assess risks and recommend risk control strategies. We will leverage our knowledge of the law, emerging legal issues, legal trends and changes in the law with potential implications to allow companies to safeguard against individual and business risks, losses and hazards.
The company is more likely to meet its objectives consistently if you have effective processes for identifying and risks. The risk management process includes the systematic application of risk identification and analysis, and proposing remedies to reduce liabilities to the barest minimum. Our Risk Management Services unit facilitates this process by offering legal and credit risk audits.
Benefits of managing risk
By outsourcing your legal risk management to Zoe Lexfields, companies can better focus on other business priorities. Benefits of the legal risk management services include:
- A cultural change that supports open discussion about risks and potentially damaging information;
- Improved financial and operational management by ensuring that risks are adequately considered in the decision-making process.