Efficient organisations conduct regular legal audits to assess risk. Any business manager who has been through the litigation process will understand the true cost: lengthy duration; significant financial investment; wasted management time; and reputational risk.
Well run organisations can and should mitigate litigation risk. Leman Consulting’s legal audit services will enable your organisation to avoid litigation. Our legal audit offering is summarised here.
COMMERCIAL CONTRACTS, SUPPLIER CONTRACTS, CUSTOMER CONTRACTS, SLAs, IT LICENCE/CONTRACTS
- Are all key issues provided for?
- Do they deal with risks, describe product specifications, sets out timings, payment terms, delivery terms, costs, remedies, termination events and adequate dispute control clauses?
- Do you give managers a standard form of contract so all key terms will be considered as part of the negotiations?
- Do your managers understand basic contract law issues?
- Is your insurance adequate?
- Do your policies and contracts complement each other?
- Does one invalidate the other?
- Are you familiar with the claim disclosure requirements?
LOAN CONTRACTS/SECURITY REVIEW
- Do you understand the circumstances in which your lender can demand repayment?
- Are you familiar with the security and cross-security provisions of your suite of lending agreements?
- Have you considered the affect of a default or insolvency of one company on your group structure?
- Will your group structure withstand it?
- Have you carried out due diligence on new customers?
- Are your terms of engagement clear and unambiguous?
- Are your internal practices and procedures robust enough to minimise your debtor exposure?
- Is your front line staff trained in minimising debtor risk at the point of sale?
- Are your AML controls; cashflow management; credit control; purchasing policies; supplier contracts;
customer contracts; invoice management and debt management adequate?
EMPLOYEE CONTRACTS, EMPLOYEE HANDBOOKS, WORK ENVIRONMENT, HEALTH & SAFETY
- When did you last consider your day to day HR processes and policies?
- Are your health and safety and employment policies and contracts updated and compliant?
- Do the terms of your commercial leases compliment your business plans?
- If you need to exit, can you?
- What are the financial liabilities of doing so?
- When is your next rent review?
- Is it upward only; upward or downward or CPI?
WEBSITE POLICY, /SOCIAL MEDIA POLICY, COMMUNICATIONS, IP PROTECTION
- Are your website T&C’s compliant with consumer legislation?
- Are your internal website and social media policies compliant with employee rights?
- Do you have an effective communications policy that ensures that all of your staff are on message and on point?
- Have you audited all of your IP and is it protected?
- Do you properly document the receipt of employment applications and customer information collected on your web site?
- Do you have consents for website links?
CORPORATE STRUCTURE, CORPORATE GOVERNANCE
- Are your corporate governance structures, practices and procedures compliant with regulatory requirements and adequately peer benchmarked?
DATA MANAGEMENT, CYBER SECURITY
Reliable data is the cornerstone of success.
- Is your data managed properly? Is it improving profitability and reducing risk?
- Is it unmanaged incurring unquantifiable costs in terms of operational losses and potential regulatory penalties?
- Is your data secure?
Good businesses must be able to demonstrate to their customers an ability to operate secure digital systems.
For more information on Leman Consulting, please contact Larry Fenelon or Ronan McGoldrick on 01 639 3000