Becoming more involved with and helping manage lawsuits would benefit both the professional standing of risk managers—and their companies, according to an industry expert.
While many risk managers may be intimidated by the legal process, and would prefer leaving the company's lawsuits in the hands of lawyers, they should be looking to apply their risk-management principles when their organization faces the prospect of litigation, says Roger L. Andrews, an attorney and director of risk management for E.D. Bullard Co., headquartered in Cynthiana, Ky.
Andrews, president of the Risk and Insurance Management Society in 2000-2001 and currently chairman of the board for the Spencer Educational Foundation, notes that often risk managers don't have much say in litigation management because their company's lawsuits may be handled by another department. The terms of their insurance contracts also may leave them out of the legal process.
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