Risk taxonomy

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A fine occupation for the idle lawyer: Describing, and grouping in relation to each other, the entire catalog of risks that face your undertaking as if they legal hazards are phyla of butterfly or great-titted thrush.

This exercise can occupy as little — a breakout session on an away-day — or as much — the permanent task of a dedicated division in the department — of your firm's intellectual capacity as you have going spare: organisations that run to the bureaucratic may become so swooned by this notion that they can find little time to do anything else. For how can one asses the risks of a transaction if one doesn't know from which family of what genus in what species it hails?

See also

• Black swan
• Doctrine of precedent