An outdoor market in Seoul
A major component of any Legal Risk Management Program is of course the identification of legal risk. The "identification phase" as it is called can be conducted by using numerous risk identification tools as varied as the spices in the picture to the left. Normally however, when a company first starts the identification phase, it may want to rely on core process tools such as employee interviews and document review at first. (more…)
Entrance Gate of Sejong University, Seoul, Korea
In May I covered how arbitration can be used as a risk mitigation tool. Another effective option is insurance; used properly, it may effectively shift your legal risk or exposure to another entity. Many companies fail to adequately consider insurance options or cover risk. Appropriate insurance tools can shift or transfer risk of loss, litigation, claims exposure, and minimize legal or financial liability. (more…)
Sejong University,Seoul
As discussed in my last post, a Free and Open Source Software (FOSS) audit ( or Open Source Software (OSS) audit) is necessary for a company's full and frank appraisal of its FOSS program. In essence, a FOSS audit is a major component to a FOSS compliance program which many companies need to establish if they want to avoid serious FOSS violations. (more…)
Children's Grand Park, Seoul
One of the most important areas that should be covered by a Legal Risk Management ( LRM) Program is that of Crisis Management. Crisis Management itself is a fitting topic for a book or blog- but should be addressed here as well. Without effective management of a corporate crisis, a company's future is in doubt. Nonetheless, many companies live in fantasy land (like the amusement park above) and think a major crisis will not happen to them.
Sejong University,Seoul
When designing products, manufacturing companies need to be very detailed to avoid product liability litigation in the United States. Product planning is a very detailed process involving many departments and in some cases divisions of a company. (more…)
Korea Legislation Research Institute's Journal of Law and Legislation
Arbitration can be an effective risk mitigation or legal risk management (LRM) tool especially when dealing with disputes in Asia. Companies doing business in Asia have realized that using arbitration as a dispute mechanism is preferable to litigation in national courts. Hence Hong Kong, Singapore, and Korea have all developed sophisticated internationally focused arbitration centers and arbitral regimes. Though Hong Kong and Singapore have long been acknowledged as the primary arbitration centers in Asia, Korea is now facing increased demand as an international arbitration center as it is being seen as an attractive alternative. As these three arbitration centers compete in Asia for international arbitration business all three have updated their arbitration laws and rules to reflect the current international trends.
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I compared the three arbitration centers in my latest article, "A comparison of recent changes in the arbitral laws and regulations of Hong Kong, Singapore and Korea" published in the KLRI Journal of Law and Legislation. It is accessible via the following link: http://www.klri.re.kr/eng/category/klriNewsView.do?seq=375.
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