SOURCE: Exterro

October 13, 2008 14:07 ET

Legal Industry Forum Provides a Holistic Approach to Governance, Risk and Compliance

Corporate Counsels Form the Legal GRC Center for Innovation, Sponsored by Exterro, Inc.

PORTLAND, OR--(Marketwire - October 13, 2008) - Exterro, a leading provider of legal hold and discovery management software for the legal industry, today announced the formation of the Legal GRC Center for Innovation. The Center for Innovation will serve as a thought leadership forum for the legal industry. The forum will be dedicated to helping companies understand the implications of legal governance and compliance on legal processes and systems by leveraging concepts already proven in other industries. It will be a collaborative effort, led by a self-governing board of members, in which professionals help each other.

"With the passage of the Sarbanes-Oxley Act in 2002, IT and finance sectors have had a GRC forum in which to identify risk areas, create special internal audit grounds, track success and minimize risk exposure," said Bobby Balachandran, CEO of Exterro. "With the launch of the Legal GRC Center for Innovation, the legal industry now has its own forum in which organizations can share experiences and develop insights about how legal teams can formulate and implement efficient and effective risk management, governance, and compliance processes."

About the Legal GRC Center for Innovation

Legal GRC has tremendous potential to help in-house counsel better manage the risk exposure and compliance concerns. All too often, corporate counsel has had to spend excessive resources remaking the wheel, reacting to litigation requests, government inquiries, and other compliance obligations. Legal GRC will create efficient internal processes that companies can rely on, creating a consistent, streamlined approach to risk mitigation and compliance.

Legal GRC (governance, risk, and compliance) holds the potential to alleviate the pain and reduce risk exposure in-house counsel face across compliance areas. GRC has been applied successfully in other professions, most notably the IT and finance sectors. In the legal industry, GRC is a holistic approach to identifying compliance burdens and risk areas, creating processes and policies to mitigate these risks, instituting controls to ensure compliance with internal and external policies, and benchmarking metrics associated with risk areas. Corporations can then implement a proactive approach, anticipating risk exposure by establishing good governance and controls to minimize future risk. Through informal gatherings, interactive thought sessions, roundtable events and online discussion forums, the Center for Innovation will provide corporate legal teams with insights into how governance and legal compliance affect business units. It will help legal teams formulate efficient and effective responses to increasing regulatory and litigation-related compliance.

"With increasingly complex and costly legal compliance initiatives, there is a sense of urgency to streamline the associated legal processes. That said, it's time to apply GRC to the legal industry," said Robert Johnson, Litigation Support Specialist at Dominion Resources. "I look forward to putting processes in place where compliance with document requests, government inquiries and even court judgments can be tackled effectively and efficiently."

"Successful Legal GRC initiatives will require strategic vision that leverages a combination of policies, processes, and technologies to manage corporate information at all levels," said Gary Tully, Senior IT Manager for Corporate Legal and Technology Licensing at Qualcomm, Incorporated. "By participating in a collaborative group where members can share experiences and formulate effective responses to Legal GRC issues, companies will be able both to develop that vision and to initiate streamlined processes. I look forward to working with my peers in this forum."

A whitepaper explaining the benefits of the Center for Innovation can be found at: http://www.exterro.com/resources/whitepapers.exterro#

About Exterro

Exterro is the leading provider of advanced workflow technology for legal hold and e-discovery management. It was recognized in the 2008 Socha-Gelbmann 6th Annual Electronic Discovery Survey as a top provider for its work with preservation, as well as a top all-around software provider based on Corporation Rankings.

Exterro Fusion helps legal teams control litigation and discovery processes and costs by tightening collaboration between outside counsel, in-house legal teams, service providers and experts. Exterro's easy-to-use, quick-to-deploy and simple-to-integrate management platforms are built on an open architecture that integrates seamlessly with existing business systems. A built-in management workflow engine provides cost controls, delivers time savings and reduces risks throughout the litigation support process. Exterro is headquartered in Portland, Ore., with satellite offices in San Francisco, Chicago, New York and Dallas. Find out more about Exterro and its technologies at www.exterro.com.

Contact Information

  • For More Information, press only:
    Valerie Chan
    Exterro
    Phone: 206.856.7885
    E-mail: Email Contact