ISO 31022-2020 PDF

Full title and description

Risk management — Guidelines for the management of legal risk (ISO 31022:2020). This International Standard provides guidance to organizations on identifying, assessing and treating legal risk, complementary to the generic principles and framework given in ISO 31000. It is intended to be adaptable to organizations of any size or sector and focuses on the specific challenges posed by legal and regulatory exposures.

Abstract

ISO 31022:2020 gives guidelines for managing the specific challenges of legal risk faced by organizations and is designed to be used alongside ISO 31000. The document presents principles, a risk management framework and a risk management process tailored to legal risk, offering a common, non-sector-specific approach that organizations can customize to their context and needs.

General information

• Status: Published.
• Publication date: May 2020 (publication entry: 26 May 2020 / June 2020 in some national adoptions).
• Publisher: International Organization for Standardization (ISO); adopted/published by national bodies (examples: BSI, NEN, SIS, EVS).
• ICS / categories: 03.100.01 (Company organization and management in general).
• Edition / version: Edition 1 (ISO 31022:2020).
• Number of pages: Typically published as a short guidance document (around 31 pages in the ISO electronic publication; some national-format publications report slightly different page counts based on layout).

Scope

This standard provides guidelines for the management of legal risk as a specific category of risk, complementary to the generic risk management principles and framework of ISO 31000. It is intended to support organizations in designing and implementing processes to identify, analyse, evaluate and treat legal risks, and to integrate legal risk management into overall organizational risk practices. The guidance is generic and not limited to any particular industry or sector.

Key topics and requirements

• Definitions and characteristics of legal risk and how it differs from other risk types (e.g., compliance, operational, financial).
• Principles for legal risk management aligned with ISO 31000.
• Guidance on establishing and maintaining a legal risk management framework within an organization.
• Steps of a legal risk management process: context establishment, identification, analysis, evaluation, treatment, monitoring and review, and communication.
• Integration of legal expertise, legal functions and external counsel into risk processes.
• Considerations for evidentiary, contractual, regulatory and litigation-related exposures and how to reflect them in risk assessments.
• Guidance on documentation, reporting and continuous improvement of legal risk practices.

Typical use and users

Typical users include in-house legal departments, compliance teams, risk managers, senior management and board members seeking to better identify and manage legal exposures. The guidance is useful for organizations of all sizes, legal advisers, external counsel, and consultants helping organizations integrate legal risk into enterprise risk management. It is also applicable where organizations need to demonstrate a structured approach to legal risk for stakeholders and regulators.

Related standards

ISO 31022 is part of the ISO 31000 family of risk management documents and is intended to be used with ISO 31000 (risk management — principles and guidelines). Related documents include ISO/TR 31004 (guidance for implementing ISO 31000), ISO 31010 (risk assessment techniques), ISO 31030 (managing travel risks), and the ISO 31073 vocabulary. An approved work item (ISO/AWI 31022) has been registered to revise and replace the 2020 publication as part of the periodic review process.

Keywords

legal risk, risk management, ISO 31022, ISO 31000, compliance, legal exposure, risk framework, risk process, enterprise risk management, in-house counsel.

FAQ

Q: What is this standard?

A: ISO 31022:2020 is an International Standard titled "Risk management — Guidelines for the management of legal risk" that provides guidance on identifying, assessing and treating legal risk as a complement to ISO 31000.

Q: What does it cover?

A: It covers principles, a framework and a process for managing legal risk, including identification, analysis, evaluation, treatment, monitoring, review and communication, and it explains how to integrate legal risk management within an organization's overall risk arrangements.

Q: Who typically uses it?

A: In-house legal teams, risk and compliance professionals, senior management, boards, external legal advisers and consultants who need a structured approach to legal and regulatory exposures use the guidance.

Q: Is it current or superseded?

A: ISO 31022:2020 is a published (current) International Standard first issued in 2020. It was scheduled for periodic review; an approved work item (ISO/AWI 31022) has been registered to develop a revised edition that will replace the 2020 version when published. Users should check national body publications or ISO updates for the latest revision status.

Q: Is it part of a series?

A: Yes — ISO 31022 is part of the ISO 31000 family of risk management guidance documents and is designed to be read alongside ISO 31000 and related ISO risk-management publications.

Q: What are the key keywords?

A: Legal risk, compliance, risk framework, risk process, enterprise risk management, ISO 31000, in-house counsel, regulatory risk.