Won the risk?
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What's on the risk platter for SME law firms and how can they best stay out of trouble?
Jonathan Whittle, market development director at LexisNexis, looks at changes to risk management beliefs
GET YOUR COPY NOWISSUE IN BRIEF
The past few months have not been easy for law firms’ risk management and compliance professionals. Updated money laundering rules, GDPR, Brexit, cyber risks, yet another rewrite of the SRA handbook – these are just some of the issues that have been keeping these dedicated bands of professionals busy.
COMPLIANCE BEHAVIOUR
With so many potential threats to keep on top of, how can law firms – especially SMEs – prioritise which areas to focus their efforts on? Here, one option might be to use the SRA’s Risk Outlook, which, each year, offers the regulators’ view on what it regards as 10 priority risks.
RISK OR REINVENTION?
For many in the legal industry, what comes to mind when we talk about risk could be anything from regulations and personal indemnity insurance to handling client funds. While those are all legitimate concerns, there is an increasing number of additional risks that are subtly creeping up on practitioners, and slowly but surely changing the legal landscape.
