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Legal Risk Audit

Why A Legal Risk Audit Is Critical In 2021

As the old adage goes, an ounce of prevention is worth a pound of cure. That is why at Black Lion Services, PLLC, we believe in conducting extensive legal risk audits for our clients. The purpose of the audit is to discover any potential legal risks your company may be facing and learn how to avoid them. While having a legal risk audit performed is always advised, in 2021, it is more strongly encouraged than ever before. This is due to various reasons, several of which are described below. 

Technological Advancements 

Technology continues to advance and as it does, so does the risk of IT security breaches. We have recently seen the ability of hackers to access the databases of companies that provide IT security infrastructures to major corporations. This type of data breach brings the possibility of trusted personal information being obtained and used for purposes for which it was not intended. Such a breach of secure data could prove devastating to a company. It is imperative that clients feel safe in entrusting businesses with their sensitive information. Also, due to these advancements in technology, there will be new legislation addressing data and IT security regulation that should be considered in any legal risk audit. 

Staff Attrition

During the lock-down caused by COVID-19, many individuals who never before had the opportunity could work from home. Many people found that they preferred the flexibility that this arrangement provided them and their families. Even with life starting to return to normal and the possibility of conducting business in the same way as before the pandemic increases, many of these employees do not want to go back to a strict work-in-the-office-only mentality. Because of this, they may begin to leave companies that are not adaptable to a new way of conducting business. 

Disruption in Practices

Many businesses suffered a disruption in practices in 2020, which can and will influence how they conduct business in 2021. The lockdown forced many companies to change the way they provide their goods and services. Some businesses, especially those that are smaller, have not recovered from this and have either already closed shop or will in the near future. This rapid interference in business practices will need to be considered in any comprehensive legal audit to ensure no undue risk is being taken. 

Make Sure Your Company Is Protected

Contact Black Lion Services, PLLC to speak with an attorney regarding a legal risk audit for your company. We will take the time to learn all about your business and provide a thorough review that culminates in a comprehensive understanding of any risks your company may face and how to prevent problems before they occur. More than anything, a legal risk audit provides peace of mind that you and your company are prepared to face the future, knowing you have minimized the possibility of legal threats.

April 21, 2021

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