Rethinking Conflicts — Leveraging Risk Management Insights Within the Firm
Over the past four years, we’ve seen a seismic shift in conflicts management, as firms migrate from legacy systems. The 2018 ILTA Technology Survey found that adoption of modern conflicts management solutions had grown by 50% year over year and by 650% over the previous three years.
Even as firms embrace advanced conflicts software, they have been much slower to adapt their staffing approach and processes to a more centralized conflicts clearance model, exposing them to unnecessary risks and inefficiencies. There are many reasons for this organizational stasis, including challenges in making the business case to lawyers who may be reluctant to change the way the firm clears conflicts.
In this article, we’ll explore several ways that firms can advance their transition to a more robust, more efficient, centralized model for intake and conflicts.