Every entrepreneurial activity is subject to risks. With the optional module for risk management, SYNDIKUS offers the tools you need to record and manage risks. In addition to the allocation of legal risks in individual legal transactions, risks can be recorded and controlled in general.
Every company that enters the market is faced with risks. We have to live with the fact that some risks can occur in the real world. Some of these risks can be assessed and their probability is sufficiently predictable; some are classified as unlikely and yet materialize. We have to live with such risks, even if in exceptional cases they lead to a chain from earthquake to tsunami to core meltdown in three reactor units. Highly unlikely but possible.
However, legal risks that have to be dealt with as part of legal risk management can lead to equally devastating effects. This makes it all the more important to attach appropriate importance to legal risk management. Companies with their own legal department have regularly shifted the management task of monitoring legal risks to in-house counsel.
This means that risk-minimizing or risk-avoiding action guidelines must be communicated. But it also means that the content of the legal work itself, i.e., the general terms and conditions, the contract templates, the contract clauses, the safeguarding of trademarks and patents and other industrial property rights, must be handled with great care. The issue of compliance must be taken into account and the group of companies must be defended as successfully as possible against anti-competitive behavior by competitors and in the event of disputes. All these tasks are complex and require a suitable software tool for their proper fulfillment.
The Risk Management module available for the SYNDIKUS system fulfills these requirements in an excellent manner, from the documentation of risks to the measures taken and control.
Risks can be assessed and evaluated in cooperation with other specialist departments. You can document and assess all or only the legal risks. In doing so, you are flexible in the configuration of the possible effects of damages. Probability of occurrence and amount of damage classify your risks and allow for a pictorial representation via the output in a risk map, in which you can also immediately recognize the allocation to individual companies.
For each risk, SYNDIKUS can automatically store a provision, which can be filtered at any time according to numerous criteria and output as a report. In this way, the risks also find their way into the accounting system as a real provision.
However, risk management in Syndikus goes even further. Preventive or reactive measures can be taken and documented, and the corresponding actions are assigned to the risk managers and controlled in turn. This is where Syndikus' comprehensive resubmission system in combination with deadline management comes into play.
From the knowledge gained in the daily work with risk management, you can immediately adapt the framework for future work in Syndikus. For example, contractual clauses can be versioned and made available in modified form with reference to the work of the risk managers. In the increasingly increasing density of regulations and internationalization of business activities, corporate governance should be supported with our risk management system.