About the report
Produced
24 January 2024
Written by:
Read time
10
Themes
Climate change risk
Download
24 January 2024
Corporate risk radar 2023 - part 3: The changing role of the General Counsel
24 January 2024
Corporate
Global
Introduction
Following the launch of the second part of our Corporate Risk Radar report, this third and final part outlines the major challenges faced by General Counsels (GCs) in the coming two to three years and examines how the role is changing and how it is perceived within organisations.
In this part of the report, we highlight the continuing challenges faced by GCs including navigating an increasingly complex labyrinth of regulations and embracing the relentless advance of technology, all within a context of economic uncertainty and budget constrictions that are compelling most GCs to do more with less.
About the report
Produced
24 January 2024
Written by:
Read time
10 mins
Themes
Climate change risk
DownloadThis year’s study shows that GCs continue to take on more responsibility across a broad variety of organisational and social concerns, including enterprise risk, information, security and stakeholder relations.
Four main challenges that GCs are facing:
The major challenges facing GCs arise from external pressures, which can create internal operational and budgetary difficulties in managing teams and allocating resources. The consensus across respondents is that it has never been more difficult for GCs to evaluate and prioritise legal resources are allocated within departments, to keep abreast of regulatory changes and to both predict and address new risks.
Boards, GCs and C-Suite executives are largely in agreement about the factors driving change in the GC role. Indeed, these factors are influencing change across all departments. GCs have a dual challenge - to continue to provide expertise in managing these issues from a legal perspective while also bringing the rest of the organisation along on the resourcing and cultural changes required to adapt to this new pace of disruption.
Factors driving change in the GC role
The need to do more while keeping within strict budgets has placed agility and flexibility high on the agenda of all business functions. Legal departments are addressing the challenge by deploying advanced technology, prioritising employee engagement and outsourcing as cost-efficiently and effectively as possible.
This third and final instalment of our Corporate risk radar report outlines the major challenges faced by General Counsels (GCs) in the upcoming years. Amidst increasingly complex regulations, technological advancements and economic uncertainty, this report examines the continuing evolution of the GC role within organisations, with expert analysis and advice to help them maximise opportunity and navigate the risk landscape in the years ahead.
Respondent profile
To understand how business leaders are addressing the global risk landscape, we have consulted over 200 Board Directors and CEOs, General Counsel (GCs) and other senior C-Suite executives from multiple sectors and across all global regions. This is the final report of our three reports that explore the continuing evolution of the GC role.
End
Corporate Risk Radar
The annual report seeks the opinions of General Counsel, their in-house legal teams and the senior board and C-suite decision makers they work with, on the risk landscape their organisations face and their ability to navigate it effectively.
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