The untapped potential of collaboration between compliance and in-house counsel

In-house counsels and compliance professionals both assess risk. As such, they often vie with one another. A collaboration, however, might serve to raise both up and may significantly enhance a company’s risk assessment overall. In its new contribution in Corporate Compliance Insights, Michael Volkov offers a cross-function scenario that may benefit risk assessment: According to the author, in-house counsels and compliance professionals bring together a powerful synergy where corporate risks might be considered in a holistic manner because they would have complementary abilities regarding risk assessment. Legal, ethical, culture, reputational and business risks might thus better be identified, weighed, and considered against positive benefits.