Monday, April 11, 2011

Report from Last Week's Risk Roundtable Meetings

Last week, Risk Roundtable sessions were held in Los Angeles and San Francisco. Many thanks to Sheppard Mullin and Morrison & Foerster for hosting. Brian Lynch, chair of the Risk Roundtable Compliance Consortium, delivered a presentation updating attendees on current risk issues and trends, and moderated group discussion. He kindly sent an update summarizing some of the group discussions at each event:
  • We recently held two educational and animated Risk Roundtable sessions in Los Angeles and San Francisco. It's always a worthwhile experience to have a meeting with like-minded risk managers. Attendees included general counsel, CIOs, conflicts directors - all influential players who have a significant stake in getting confidentiality management right. This healthy combination of perspectives led to constructive discussions, where we all walked away a little bit smarter.
  • In Los Angeles, we discussed risk trends with a special focus on WikiLeaks. We also spent a good portion of our time talking about the special privacy requirements of DoD contractors (as clients) and the challenges that ITAR presents. Of course, managing the privacy of sensitive information for famous clients is also an ongoing concern.
  • In San Francisco, concerns focused more on Outside Counsel Guidelines, their increasing frequency, their uncanny ability to avoid a proper risk review, and the arduous requirements they sometimes impose. As one participant said, "we've never lost new work because we pushed back on requirements. The trick is knowing what your partner agreed to. If you know, you can negotiate terms that make sense for both sides." News broke earlier that day of the Wilson Sonsini associate who allegedly was involved in an insider trading scheme that netted $32 million, so we spent some discussing the importance of activity tracking, predictive risk models, and the principle of least privilege. To borrow a phrase from one of the insightful LA attendees, "we should manage, not shackle."
Upcoming Risk Roundtable sessions are currently scheduled for New York, Washington DC and Houston. For more information, please visit: http://www.riskroundtable.com/ or email info@riskroundtable.

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