Legal Risk
What is Legal Risk?
The potential for financial loss or business disruption arising from legal actions, regulatory enforcement, or failure to comply with legal obligations.
Frameworks that govern legal risk
What the standards actually require on legal risk
Requirements naming legal risk across 6 standards, quoted from the control text.
The policy should also deal with the matters particular to managing legal risk, on top of what 5.2 and 5.4.2 of ISO 31000:2018 already cover.
iso-31022-2020::6.2 · Policy for the management of legal risk →Approaches for mapping AI technology and legal risks of its components – including the use of third-party data or software – are in place, followed, and documented, as are risks of infringement of a third-party’s intellectual property or other rights.
AIRMF-MP-4.1 · Approaches for mapping AI technology and legal risks of its components, including the use of third-party data or software, are in place, followed, and documented, as are risks of infringement of a third party's intellectual property or other rights →Legal counsel, internal or external, with employment law expertise and experience of workplace violence cases, should be consulted during incident management.
ansi-asis-wvpi-aa-2020-workplace-violence-and-active-assailant::8.7 · 8.7 The importance of legal oversight →Management manages legal risk from failing to comply with statutes and regulations, with the bylaws and agreements of card networks, clearing houses and counterparties, and with consumer protection law such as GLBA, Truth in Lending, Regulation CC and Regulati...
ffiec-it-examination-handbook::RPS-07 · Legal (Compliance) Risk (Retail Payment Systems) →Gives the key elements of a sound risk management system for credit risk transfer activities (securitisation, credit derivatives and similar): corporate governance, policies, procedures and limits, credit assessment and review, risk measurement and valuation,...
hkma-spm::CR-G-12 · CR-G-12 Credit Risk Transfer Activities →Apply additional considerations for research involving people who may be involved in illegal activities, including confidentiality and legal risk.
NHMRC-NS-4.6 · People who may be involved in illegal activities →Questions people ask about legal risk
What is Legal Risk?
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