- Know the countries in which your company operates and understand the primary regulatory and statutory schemes with which your company must comply.
- Understand when, where and how regulatory and statutory shifts can occur as it relates to your business.
- Understand the legal risks presented to your company based on current operations and how potential shifts in regulations, regulatory enforcement, statutes, and litigation could effect the way your company current operates.
- Understand your role as in-house or outside counsel as it relates to providing advice to your client and ensure that there is sufficient communication amongst the individual who need to understand regulatory and statutory risks so that the business is forward-thinking and collaborating among the individuals who will be responsible for adapting to any changes.
- Have a general plan in place on how to identify potential risks posed from regulatory/statutory changes, understand the current environment both internally and externally, and how to adapt to quick and unexpected changes to the regulatory/statutory landscape.