Legal risks and their management according to Standard 31022:2022

Abstract

Managing legal risks is becoming an increasingly significant part of corporate governance, especially in the context of increasingly complex legislative frameworks and growing compliance requirements.

The ISO 31022:2022 standard provides guidelines for effective legal risk management, complementing the broader frameworks of ISO 31000:2014 and ISO 31010:2019. This article explores the principles, processes, and tools for managing legal risks and emphasizes the importance of integrating them into overall business strategies.

Legal risks, defined as the possibility of negative consequences arising from legal issues, include contractual risks, compliance risks, regulatory risks, and intellectual property. Managing these risks requires an effectively structured approach. The use of tools such as analytics, simulations, and legal databases enables better decision-making and the mitigation of potential damages.

The article also highlights the role of education and communication in building an organizational culture focused on legal risk management. It is important to note that implementing legal risk management contributes to business stability, strengthens stakeholder trust, and enables organizations to be more resilient to legal challenges.