How Can a Risk Assessment Benefit My Business?

naperville business lawyerBusiness owners have no shortage of legal concerns that they need to address on an ongoing basis. While the primary focus for many owners will be maintaining business operations and pursuing their goals, it is also important to address any areas of concern and ensure that they are taking the proper steps to protect against potential losses. A Risk Assessment looks at key areas of your business where legal issues tend to arise and provides information on where you may have weaknesses and what you can do to strengthen those areas.

Identifying Risks That May Affect a Business

During a Risk Assessment, a qualified business lawyer can review multiple areas of a company’s operations and procedures to identify areas where a business may be susceptible to legal action. They are able to see things that may go unnoticed or are not up to current laws and reguirements.These areas may include:

  • Contracts – By performing a contract review, an attorney can help determine whether a business may encounter any issues that would affect its ability to fulfill its contractual obligations, as well as any concerns about the remedies that may be available in a breach of contract dispute. If necessary, contracts may need to be renegotiated or updated to address the changes that a business has experienced, conditions that affect the marketplace, or other issues that could lead to financial losses.
  • Regulatory compliance – An attorney can help determine whether a business may be affected by federal, state, or local laws or regulations, including environmental laws and zoning and land use laws. By maintaining compliance with regulations, a business can avoid potential penalties or other issues that may affect its ability to continue operating.
  • Employment issues – Employers can review their employment contracts and policies to ensure that they are following all applicable employment laws and avoid potential concerns related to wage and hour laws, worker classification, or discrimination. They may also address any concerns related to non-compete or non-disclosure agreements with current or former employees, ensuring that they will be protected against unfair competition.
  • Tax laws – A review of how local, state, and federal tax laws will apply to a business can ensure that a company will be able to avoid audits and penalties. With the proper tax planning, a business can determine the best ways to minimize its tax burden and continue operating successfully.
  • Crisis management – A skilled lawyer can make sure a business will be prepared to respond to emergencies such as accidents that lead to insurance claims or accusations that a company has violated laws or regulations.

This is not a complete list of areas that are covered by a Risk Assessment but this gives you a good idea where you need to start looking. By working with a business law attorney to perform a Risk Assessment, you can identify potential issues and make sure you are prepared to address these concerns.

Contact Our Illinois Risk Management Attorneys

The Gierach Law Firm provides outsourced general counsel services to help businesses address ongoing risks and concerns. However, even if a business is not ready to bring on a general counsel on a monthly basis, we can help perform a Risk Assessment to evaluate a business and determine the steps it can take to protect itself. To learn how we can help your business take steps to ensure that it can maintain success, contact our Naperville risk assessment lawyers today by calling 630-756-1160.

Source:

American Bar Association 

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Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.

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