Earth is flat. Man will never fly. Madonna will never turn 50. Do these urban legends and myths sound familiar? In litigation, certain myths still inhibit the effectiveness of risk managers in bringing their skills and value to the litigation and trial process. Let's examine four such myths.
Myth: The Risk Manager Should Back Off
Some mistakenly think that risk managers shouldn't concern themselves with trials. It is true that risk managers have enough to do in terms of managing insurance, dealing with brokers, and overseeing safety programs and departmental budgets. Nevertheless, they should rightly concern themselves with trials. Win or lose, the fact that a case is going to trial will increase legal fees. This will increase the cost of risk and affect long-term insurance pricing. If the company loses a trial, then adverse waves crash upon the shore of insurance prices.
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