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globally have been facing an increasingly challenging world where regulation has been adopted at all levels of the operations of the bank, so the risk has been identi- fied as high. So one of the things we are observing definitely as an association is that this regulatory reaction, if you will, has put a very important burden on our financial institutions, especially on the ones that are smaller institutions. RICHARDSON: We established an office of compliance that reports to our general counsel that serves as a base for address- ing what is, for us, more financial and reporting-related risk related to all these enterprises and to ACC. In our recent survey we saw that 12 per cent now have risk management/insurance that report to the general counsel, as well. So what we saw overall in terms of general counsel is taking a more proactive stance and trying to be more risk-preventive in their corporations. MAHARAJ: I think the big issue for enterprise risk management is likelihood of risk, and then what' you plot those two things out on a graph, things actually become fairly straightfor- ward. Obviously, there is reputational risk you have to layer into that, as well. But if you can identify the top right quadrant, the high-risk, the high-likelihood events, that' s the size of the risk? If time. Ultimately you should be able to say, 'OK, high risk, high value. Here is my plan. Here are the steps I'm going to take. s where you should be spending your ' ADAMS: Our enterprise risk management is about the things that ultimately put you out of business, but it' aren't, the legal compliance risk. We can't be there to manage everyone' to the businesses. s also the things that s risk. It's up GET NAMES, MAILING ADDRESSES, E-MAIL ADDRESSES AND PHONE NUMBERS FOR LAWYERS AND LAW OFFICES IN ALBERTA, NORTHWEST TERRITORIES, NUNAVUT AND YUKON With the Alberta Legal Telephone Directory you'll have access to the most up-to-date names, addresses, phone, fax numbers and e-mail addresses for all of the lawyers and law offices in Alberta, Northwest Territories, Nunavut and Yukon ALSO QUICK AND EASY ACCESS TO: • Courts • Judges and Court Officials • Law Related Services/Organizations • Federal and Provincial Government Departments • Boards and Commissions Published August of each year Spiralbound • L88804-587 Prices subject to change without notice, to applicable taxes and shipping & handling. WITH: • Alphabetical and geographical listing of lawyers • Alphabetical and geographical listing of Law Firms • Alphabetical listing of Judges MULTIPLE COPY DISCOUNTS AVAILABLE: 1 - 9 copies: ............$39.50* ea. 10 - 49 copies: ...........$37.53* ea. 50 - 99 or more copies: ....$36.34* ea. 100+ or more copies: .....$34.76* ea. CANADIAN LAW LIST (*Plus applicable taxes) ORDER ONLINE AT WWW.CARSWELL.COM 22 • AUGUST/SEPTEMBER 2012 WWW.CANADIANLAWYERMAG.COM/INHOUSE ntitled-2 1 INHOUSE: Would you say risk is the top item you spend time on now or is it just one of the list of three or five top things that's on your agenda? HILBERS: To me, it's part of your day-to-day activities. It's part of your DNA as counsel of a large corporation. For us the value proposition of our law division is to pro- vide business-oriented legal advice, which affects positively the bottom-line profit- ability of the company. The only way you can provide that value to the company is to be able to provide that risk-mitigation strategy. You want to be able to articulate what those risks are and develop really strong relationships with the key stake- holders in the organization, so they will come to you with those risks and you will be able to provide input, but also be very courageous. Be able to say no when you need to say no. As long as you have strong relationships, it becomes easier to be cou- rageous in the face of risk. EVANS: If I reflect on it at Sick Kids, the hardest part was getting my head around what the risk tolerance was of the organi- zation. If you really understand the risk tolerance of the organization and the areas that are impacted, it sometimes helps you to provide advice that' the organization. I think ultimately, it's s better suited for been part of my success within the orga- nization. MAHARAJ: I think one of the issues is INHOUSE 12-06-08 9:44 AM

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