Litigation Management

Litigation Management covers news and topics of interest to the professionals who manage litigation – corporate counsel, risk and litigation managers, insurance and claims professionals, outside counsel and the third parties providing valuable services. It is the only publication of its type that requires all featured content to be co-authored by both a client-side and law firm-side author. Each issue of the magazine is a combination of news, features and regular departments that highlight specific industry topics.

Basic Litigation Management

Many years ago, the term “litigation management” referred to a loose collection of initiatives intended to control legal costs. There was an effort to keep adjusters in control of their claims even when litigation was initiated so that adjusters—not attorneys—were the deciders about whether to settle or litigate.

Alternative dispute resolution (ADR) was introduced to bring litigation to a conclusion through mediation or arbitration, thus avoiding lengthy and costly litigation. Another element was the requirement that only preapproved outside counsel with negotiated hourly rates could be used for defense work. The review and approval of legal bills by adjusters has also been a litigation management practice from the beginning.

Of all of these initiatives, the greatest emphasis was placed on adjusters keeping ownership of their claims from cradle to grave. Adjusters were repeatedly warned not to abandon claims to defense counsel. They were taught that attorneys are trained to complete discovery and litigate, but have far less experience than adjusters with pricing and settling claims. They were cautioned that defense counsel might be inclined to fully complete the discovery process prior to being ready to consider settlement, even when the facts were clear and the information necessary to price the claim was available. Admittedly, this paints defense attorneys with a wide negative brush, but that’s the way the training was and to some degree still is.

Compliance

Regulatory compliance management

Compliance management is defined as a holistic, connected methodology designed to protect and enhance business value by fostering a regulatory risk-aware culture.The collective governance of compliance and risk management is a prerequisite for any effective compliance management program as is the training of employees on the laws, regulations, and policies that apply to their job responsibilities. A successful compliance management system is one that streamlines and simplifies the risk management process, freeing up time and resources so that experts can focus on enhancing shareholder value through improved analysis, more thoughtful reporting, and working directly with the business to improve strategic planning.

Facing down regulatory velocity

Many organizations struggle with the volume and velocity of regulatory change. More and more resources are spent trying to monitor the external environment, and many companies devote hundreds of person-hours to these tasks every year.

Simplifying regulatory change management

Once the need for a regulatory change project is identified, some organizations struggle to ensure that the change process is completed. Regulatory change is often handled on a project basis, supported by spreadsheets and other manual tools.Such an approach is fraught with compliance risk – things can slip through the cracks and evidencing results to key stakeholders, including regulators, senior management, and the Board, can prove difficult.But organizations that adopt a regulatory change management program are able to realize a range of benefits, including reduced compliance risk and improved communication with stakeholders.

Questions to determine your level of compliance management need include:

  • How much time and money does my organization spend tracking regulatory changes and implementing these changes?
  • Has my organization let an important regulatory change event slip through the cracks? What were the associated costs?
  • Does my business understand the impact of regulatory change? How can our ability to tackle compliance risk issues be improved?
  • How does my organization provide evidence of regulatory change management success to key stakeholders such as the Board, senior management, and regulators?

Risk Advisory

Risk Advisory Services Helping you reduce risk when everything seems uncertain.

Scrutiny from industry regulators and pressure from stakeholders to limit risk are unprecedented. At RSM, our risk advisory consultants provide customized risk management advice to the C-suite and boards of directors. Our services are designed to support your strategic goals, helping you:

  • Anticipate and meet evolving risk and regulatory compliance requirements
  • Add value to operating and compliance processes
  • Maintain the security of your most valuable information assets

Our risk advisory services combine in-depth industry experience, a collaborative, risk-based approach and flexible options — all designed to minimize risk without stifling legitimate growth opportunities.

At RSM, our risk advisory consultants provide customized risk managementadvice to the C-suite and boards of directors. Our services are designed to support your strategic goals, helping you: Anticipate and meet evolving risk and regulatory compliance requirements. Add value to operating and compliance processes.

Audit

Automate your audit processes: Consolidate your entire audit process into one system to eliminate inefficiencies and frustrations. Quickly review your audit staffing, budgets and resource allocation. Ensure you are achieving your audit plan with real-time dashboards. Streamline the findings management process, focus on the most critical issues, and report what is most important to the management team and board.

​Dynamically adjust risk-based audit plans: Use out-of-the-box best practices to evaluate risk and share operational risk and control data from risk and compliance counterparts. Align audit plans and prioritize efforts based on the organization’s business priorities and latest assessments of risk. Easily integrate risk and control information and drive alignment between internal audit and other teams for better prioritization and execution of risk and compliance activities.

​Tackle risk and compliance issues across teams with one central system: House and catalog all issues raised by internal audit, other risk and compliance teams, and management within one central system that provides prioritization, corresponding business workflow, and a holistic view of their significance and remediation status by all business teams. Evaluate the current status, quality and effectiveness of your organization’s controls while summarizing and prioritizing critical results to the audit committee and your risk and compliance counterparts.

Execute internal audit engagements for efficiency: Tie audit entities and plans to dynamic views of risk and compliance to quickly prioritize the most critical audit engagements and testing activities. Access to existing risk assessment and control evaluations provides confidence in scoping audit work in or out, making your team more efficient while providing solid justification for regulators and external auditors.