Expanding Role of General Counsel & Procurement in Driving Risk Management

Abstract : The role of the General Counsel has expanded in recent times and they along with the procurement department are getting involved not only in legal matters but also commercial decision-making, especially in the area of risk management. The role of the general counsel has broadened and includes risk, compliance, finance, regulation, HR & business issues. The biggest issue faced by companies is the increase in volume and complexity of regulations and the responsibility fell on the GC in most cases. The increasingly cross-border nature of laws and regulations is heightening the risk. So, few legal departments are coming up with a business structure which facilitates GC and their team getting a better understanding of the business environment. The procurement department?s role has also expanded and they are getting involved in the commercial decision-making. This whitepaper analyzes how different companies are increasing the role of their GCs to manage risks and how they are collaborating with procurement to manage risks and the qualitative and quantitative benefits accrued.