Defining Legal Risk
PROCEEDINGS OF THE CONFERENCE "COMMERCIAL CONTRACTING FOR STRATEGIC ADVANTAGE - POTENTIALS AND PROSPECTS", pp. 10-31, Turku University of Applied Sciences, 2007
31 Pages Posted: 19 Sep 2007
Abstract
What is legal risk? This category of risk is often mentioned in the context of enterprise risk management and financial risk management. Legal risk also is a central concept in legal risk management. However, the definitions given for legal risk differ widely, and no generally accepted notion of legal risk seems to exist. The objectives of this paper are to review, systematize and analyse existing definitions of legal risk. This paper proposes a context-independent definition and classification of legal risk, based on norm theory.
Keywords: Risk management, legal theory, legal risk management
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