Meaning ● SMB Legal Risk Management involves identifying, assessing, and mitigating potential legal liabilities that could impede the growth, automation initiatives, or successful implementation strategies of small and medium-sized businesses. Properly managing legal risks allows the SMB to achieve strategic business goals. As SMBs scale, often rapidly, a proactive approach helps avoid costly litigation, regulatory penalties, and reputational damage, safeguarding business continuity. Further, automation introduces novel risks relating to data privacy and cybersecurity; thus, a tailored approach to compliance is essential for SMB operations. Ignoring legal compliance can drastically impact the company’s viability.
