The Legal Risk Map in The Activity of The Legal Departments of Companies in Uzbekistan: Taking Advanced Foreign Experience into Account

The article examines the role of the legal risk map as a key instrument for the transition of the legal departments of companies in Uzbekistan from a reactive (claims-and-litigation) model to proactive, risk-based management. It reveals the concept and legal nature of legal risk in light of the approaches of the Basel Committee on Banking Supervision, the ISO 31000:2018 standard, the doctrine of T. Mahler and R. McCormick, and the works of CIS scholars. It systematises advanced foreign experience – the duty-of-oversight doctrine established in In re Caremark and Marchand v. Barnhill (State of Delaware, USA), the activity of the Financial Markets Law Committee (FMLC) of the United Kingdom, and the ACC Legal Operations Maturity Model. Twelve systemic problems impeding the implementation of the legal risk map in Uzbekistan are identified and analysed. Detailed scholarly conclusions and specific practical proposals are formulated, including the enactment of a statutory definition of legal risk, the wide-scale adoption of ISO 31000 in Uzbekistan, the introduction of the “three lines of defence” model and of a register of legal incidents.

Legal risk, legal department, risk management

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