Nothing can be more frustrating for General Counsel than the nagging feeling that their organisations are being needlessly exposed to risk by a failure to learn from the past. And yet privately, many confess to that sentiment – time again disputes with common features re-occur, creating commercial exposure as well as legal cost.
Traceable Causes is our solution to that phenomenon.
By harnessing the power of data that our uniquely deep and wide market penetration gives us, we are helping our clients to identify the root causes of risk and disputes before they happen.
Through Traceable Causes we give our clients unprecedented visibility over their portfolio of risk by pooling and analysing disputes data, and the ability to invest on a targeted and proportionate basis, and to measure the improvement that such investment delivers.
We do this through:
- Quick and easy data capture at matter opening stage through online instruction – or retrospectively – without any additional effort for the client
- Generating a comprehensive dataset which our subject matter experts analyse for trends and insights. This is specific to the client and can be benchmarked against industry-wide data
- Development of targeted business improvement programmes based upon those insights
- Measurement of the impact of those programmes to demonstrate genuine ROI into risk/dispute avoidance in a way not possible hitherto
- Providing predictive analytics on the likely outcome for the clients’ particular business, of a particular type of risk, claim or dispute.
Once data sets have been compiled they are capable of almost infinite further manipulation, for instance looking at propensity for risk to spawn formal disputes; win/loss/settlement rates mapped against quantum, risk/dispute type, business unit, method of dispute resolution, counterparty and any combination of these factors.
Traceable Causes in action
Working with one major client we were able to present to its directors data demonstrating:
- the split among causes of risk and dispute
- where they were significantly ahead of the market, benchmarked against national statistics in some areas, and lagged behind it
- the financial impact of that variance: gauging the likelihood and magnitude of particular risks
- how specific business units could benefit from targeted improvement (which we went on to deploy)
- commonality among counterparties – both in terms of clients and suppliers – that could inform commercial strategy in future
- that RoI from business improvements would be demonstrable.
Client feedback on Traceable Causes
“very impressed…build the fences at the top of the cliff instead of providing ambulances at the bottom”.
– Commercial Director, key construction client
– Managing Director, FTSE 250 infrastructure company