Table Of Content

ROUTLEDGE HANDBOOK OF RISK MANAGEMENT AND THE LAW In today’s highly globalized and regulated economy, private and public organizations face myriad complex laws and regulations. A process designed to detect and prevent regulatory compliance failures is vital. However, such an efective process cannot succeed without development and maintenance of a strong compliance and legal risk management culture. This wide-ranging handbook pulls together work from experts across universities and industries around the world in a variety of key disciplines such as law, management, and business ethics. It provides an all-inclusive resource, specifying what needs to be known and what needs to be further pursued in these developing areas. With no such single text currently available, the book flls a gap in our current understanding of legal risk management, regulatory compliance, and ethics, ofering the potential to advance research eforts and enhance our approaches to efective legal risk management practices. Edited by an expert on legal risk management, this book is an essential reference for students, researchers, and professionals with an interest in business law, risk management, strategic management, and business ethics. Virginia A. Suveiu, Esq., counsels on legal risk management, regulatory compliance, and commercial law matters and has held several related positions, including Chief Safeguard Officer and Of Counsel. She is an arbitrator for the Financial Industry Regulatory Authority. She served on the editorial board of the National Contract Management Association’s Contract Management Magazine. She is affiliated with and has been invited to speak to several professional organizations on issues related to business law. She is an active member of the State Bar of California and admitted to the US District Court, Central District of California. She has held numerous positions in academia, including as founding dean and professor, and currently is an instructor and content developer for the University of California, Irvine, where she was given the Distinguished Instructor Award. ROUTLEDGE HANDBOOK OF RISK MANAGEMENT AND THE LAW Edited by Virginia A. Suveiu Cover image: © Getty Images First published 2023 by Routledge 605 Third Avenue, New York, NY 10158 and by Routledge 4 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN Routledge is an imprint of the Taylor & Francis Group, an informa business © 2023 selection and editorial matter, Virginia A. Suveiu; individual chapters, the contributors The right of Virginia A. Suveiu to be identifed as the author of the editorial material, and of the authors for their individual chapters, has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Potential disclaimer: “Every possible efort has been made to ensure that the information in this book is accurate at the time of this printing, and the publisher and editor cannot accept responsibility for any errors or omissions, however caused. No responsibility for loss or damage occasioned to any person acting, or refraining from action, as a result of the material in this publication can be accepted by the editor, publisher or any of the authors.” Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identifcation and explanation without intent to infringe. Library of Congress Cataloging-in-Publication Data Names: Suveiu, Virginia A., editor. Title: Routledge handbook of risk management and the law / edited by Virginia A. Suveiu. Description: New York, NY : Routledge, 2023. | Includes bibliographical references and index. Identifers: LCCN 2022038543 (print) | LCCN 2022038544 (ebook) | ISBN 9780815364382 (hardback) | ISBN 9781032349725 (paperback) | ISBN 9781351107242 (ebook) Subjects: LCSH: Corporate governance—Law and legislation—United States. | Risk management—Law and legislation—United States. Classifcation: LCC KF1422 .R68 2023 (print) | LCC KF1422 (ebook) | DDC 346.73/0664—dc23/eng/20220930 LC record available at https://lccn.loc.gov/2022038543 LC ebook record available at https://lccn.loc.gov/2022038544 ISBN: 978-0-8153-6438-2 (hbk) ISBN: 978-1-032-34972-5 (pbk) ISBN: 978-1-351-10724-2 (ebk) DOI: 10.4324/9781351107242 Typeset in Bembo by Apex CoVantage, LLC Access the Support Material: www.routledge.com/9780815364382 Dedicated to the memory of Edward Velasquez, CPCM CONTENTS The Editor xi List of Contributors xii Foreword xxii Melissa Rorie Acknowledgements xxv Introduction 1 Patricia Lee-Gulley and Virginia A. Suveiu PART I What Are Risk Management, Regulatory Compliance, and Ethics? 3 1 Operational Risk Management 5 Tim East 2 Compliance, Corporate Governance, and Corporate Social Responsibility: Part I—The Interplay Between the Company, the Stakeholder, and the Regulators 19 Marcia Weldon and Lauren Miller 3 Compliance, Corporate Governance, and Corporate Social Responsibility: Part II—The Interplay Between the Company, the Stakeholder, and Shareholders 41 Marcia Weldon and Christyne Vachon 4 Understanding and Managing Behavioral Ethics Risk 52 Todd Haugh vii Contents 5 Deconstructing Risk: Practical Understanding and Perspectives 66 Kevin Meredith 6 Fostering Dialog About the Future of Law as Risk and Compliance Are Coming Into Their Own 95 Virginia A. Suveiu PART II Contract Risk Management and Insurance Considerations 109 7 Insurance: A Look Inside the Claims Department 111 Joyce Segelken 8 Contract Risk Management Within an Operational Context 121 James N. Phillips Jr. 9 Contract Risk and Uncertainty Management 144 Don Shannon 10 Finding Opportunities in Risk for Small Businesses and Subcontractors 161 Linda Harris 11 Supply Chain Risk Management Considerations in an Ever-Changing World 171 Jessie Castro PART III Corporate Compliance and Ethics Challenges 183 12 Operationalizing Compliance: Best Practices 185 Tom Fox 13 Internal Investigations 197 Michael Volkov, Matt Stankiewicz and Noah Smith 14 Human Resources Considerations 204 Silvia Van Dusen 15 Self-Regulatory Organization’s Role in Promoting Ethical Behavior in Industry 216 Laura McNamire 16 Risk and Compliance Considerations in the Startup World 225 Cynthia Fascenelli Kirkeby viii Contents 17 Corporate Compliance and Ethics Challenges: An European Perspective 236 Claudiu Jipescu-Munteanu 18 Financial Considerations: A Global Perspective 244 Philip Wood PART IV Cyber, Data Risks, and Technological Considerations 263 19 Considerations for a Successful Cybersecurity Program 265 Kristine A. Hayes Munson 20 Value and Risk in the Fourth Informational Revolution 280 Peter Cofee 21 The Convergence of Social Media, Technology, and Data 305 Jef Koller 22 Records Management/Records Retention Risk Considerations 315 Patricia Lee-Gulley and John Drudi 23 Quality Management Considerations 338 Shep Bentley 24 Data Privacy Considerations: An International Viewpoint 351 Marius Măgureanu 25 Intellectual Property Considerations and Business Risk in China 365 Roger Philips PART V Best Practices Emerging From Lessons Learned 377 26 Environmental Compliance Risk Management 379 Amber Baylor 27 Compliance Leadership 389 Don J. Polden 28 Ethics and Leadership 403 LaSharnda Beckwith 29 Risk and Innovation 409 Kevin Meredith ix