What it is
A short document for your board, issued every quarter or every month. Most legal change is not for directors. This brief picks out the few changes that are, and sets each one out in the same way: what changed, what it exposes the company to, what decision the board is asked to make (if any), who owns it, and when. When the board decides, the decision is recorded in the same place.
When to use it
When your board or senior management needs a regular, short view of legal risk instead of long reports. Also when you operate in several countries and rules change often, when directors ask what has changed and who is dealing with it, or when you want a clear record of the decisions the board has taken.
How to use it
Tell us about your company and how often your board meets. Each period, WLA collects the changes that matter, taken from your Regulatory Radar items that have been escalated, plus anything else your advisers add. WLA prioritises them, prepares the brief, and publishes it in your WLA account with an e-mail. You read it, print it for the board pack, and record the board's decisions on it.
What you gain
Directors see the few legal changes that need attention, and nothing else. Every item has an owner and a date, so nothing is left hanging. The board's decisions are recorded, so you can show later what was decided and when.
THE SITUATIONA company operates in several countries. Its board meets quarterly. The General Counsel used to send a long email with all legal news.
WITHOUT A BRIEFDirectors do not read the long email. A new rule that needs a board decision is noticed after the meeting. Nobody can say who was to deal with it, or whether the board decided anything.
WITH THE BRIEFOne page lists three changes and the two decisions the board is asked to take, each with an owner and a date. The board decides at the meeting. The decisions are recorded in the brief, so the next brief and the next audit can show them.
Board briefA short document for directors about legal risk in the period. This one is issued every quarter or every month.
ExposureHow the company could be affected by a change: for example costs, penalties, or limits on its operations.
Decision requiredA choice the board is asked to make, such as approving a review or a filing. Some items are for noting only.
OwnerThe person responsible for dealing with an item, such as the General Counsel or the CFO.
LevelHow serious an item is judged to be: High, Active or Watch.
Radar impact itemA legal change matched to your business by Regulatory Radar™. Serious ones can be escalated into the brief.
