Are You Assessing & Managing Risk To The Expected Standard?
Act Now – Part 2 of our three-part series on risk and how law firms should approach its assessment and management is now available.
Part 2 – Risk Identification & Action
In our previous blog, What Is Risk Part 1 – First Step of Risk Assessments, we addressed some of the issues a firm should consider when assessing risk, and in particular firm wide risk assessments.
In this blog, we move on to discuss What Is Risk Part 2 – Risk Identification and Action. The final blog will be on Recording Documenting and Reporting (Part 3).
How Law Firms Can Identify and Act on Risk
Identifying risk is not just about understanding where risk comes from in your firm. It is also about communicating what these risks are, the action you expect staff to take, how they should report issues, and to whom.
As we identified in the previous blog, risk arises in several different ways. It is true that most risk assessments performed by staff will arise from cases, and that is where their focus should be. For owners and supervisors of law firms, risk is extended beyond case level transactions. Risk for supervisors are much wider and will cover the actions of their staff alongside internal and external activity surrounding a range of operations, as well as financial and market factors.
All risk factors and how the firm addresses them should be identified through the firm wide risk assessment, which must be documented. Then, the actions and solutions the firm arrives at should be further detailed in a risk and compliance plan accessible to all staff.
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Law Firm Compliance Specialists
For more information on how the Regulation and Compliance Office (RACO) works with firms on risk management, you can contact us on 0203 985 8550, email us info@regulationandcomplianceoffice.co.uk,or visit our website and make an online enquiry.
