Memo · In-House / General Counsel
Board legal and regulatory risk report (memo template, including AI risk and how the paper was prepared)
A board memo template for the General Counsel's periodic report on litigation, regulators, compliance, regulatory change and AI risk, built for directors' duty to understand what they read and with a transparent statement of any AI use in preparing it.
- Kind
- Memo. An internal or advice memo.
- Where it applies
- Australia
- AI use
- Yellow AI can help in set ways. A lawyer checks specific points before use.
- Law stated as at
- 17 October 2026
- Status
- Maintained. Checked on 17 October 2026 against the 6 authorities it cites, for Australia.
- Version
- 1
- Source
- Written for this library
When to use it
Use for the General Counsel's quarterly or half-yearly report to the board or a risk committee. Do not use it to convey detailed legal advice on a single matter; prepare a separate privileged advice paper for that.
How AI may be used
AI may draft sections from matter registers and the underlying advice, but every figure, rating and characterisation must be checked by the lawyer, and the paper must say how AI was used. Directors must still read and interrogate it.
AI may
- Draft first versions of Parts 3 to 6 from the matter register, compliance register and regulatory-change log, citing the source of each entry.
- Compare this period's registers with the last report and list what changed.
- List points in the underlying advice that would be distorted if shortened, for the lawyer to protect.
AI must not
- Must not set risk ratings, provisions or exposure figures.
- Must not summarise privileged advice in a tool not approved for privileged material.
- Must not produce a summary intended to replace the directors' reading of the paper.
The lawyer checks
- Every number reconciles to the matter register, the finance provision schedule or the advice.
- The "How this paper was prepared" statement in Part 9 is accurate.
- Privilege markings are justified and the distribution list is limited.
Method: how the Green, Yellow and Red levels are decided. This is guidance for planning, not legal advice.
Read the full text
The full text is for signed-in accounts. It is free. When you sign in you can:
- read the whole precedent, with its drafting notes beside it;
- copy it, or download it as a Word file or Markdown;
- add it to your firm’s knowledge base, so colleagues can find it;
- let the AI tools you connect read it from that knowledge base.
The summary, the law it rests on and the AI-use guidance above stay public. Privacy.
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