Karanovic & Nikolic hosts forum on managing risk in corporate legal departments

Karanovic & Nikolic hosted more than 50 participants at the annual Corporate Counsel Forum, which was held in Belgrade on 7 March 2014 and presented the results of a corporate counsel survey that investigated the capacity and resources available to corporate legal departments for the efficient management of legal risk.

Panellists and participants discussed and identified risks faced in their daily operations, as well as mechanisms for their prevention and optimisation. Particular discussions ensued regarding legal risk and prevention in the areas of competition law, labour law and other contractual relationships.

According to the firm, the results showed that in-house counsel are increasingly expected to participate in business decisions and to advise executive management.

The results exemplified the trend that in-house lawyers are increasingly involved in strategic business decisions, but often not in a timely manner, which ultimately further exposes the company to legal and other business risks.

The firm said that the discussion particularly highlighted the issue of structure and the use of budgets in corporate legal departments, which allows for the prevention of potential hazards to which the company may be exposed if they have not adopted mechanisms for monitoring and optimising legal risk.