Risk Management Archives - The Strategic Partner

Ensuring Compliance and Mitigating Risks in the Legal Industry

1. Introduction At The Strategic Partner, we recognise the significance of self-regulation for law firms to avoid potentially significant fines resulting from solicitor misconduct. A recent article from the Law Gazette highlighted how the CEO of the Solicitors Regulation Authority [...]

Preparing for the Future: How to Create an Effective Succession and Exit Plan for Your Law Firm

1. Introduction Developing a successful succession and exit plan is crucial for any law firm’s long-term sustainability and growth. Furthermore, not having a plan for the future of your law firm can pose regulatory risks and cause damage not only [...]

Understanding the Updated Sectoral Risk Assessment: Safeguarding Law Firms Against Money Laundering and Terrorist Financing

1. Introduction The Solicitors Regulation Authority (SRA) has recently produced an updated Sectoral Risk Assessment (SRA) on Anti-money laundering (AML) and terrorist financing (24th July 2023). This comprehensive assessment is a critical resource for law firms, providing essential insights into [...]

Learning from a Recent Case: Why Robust Risk and Compliance Procedures Are Crucial

1. Introduction Recent developments in financial crime have highlighted the critical role of robust money laundering processes and procedures for law firms. For instance, a case involving Narinder Kaur, who amassed half a million pounds through an extensive shoplifting operation [...]

Regulation 21: The Importance of Independent Audits in Ensuring Compliance and Transparency

1. Introduction The Solicitors Regulation Authority (SRA) continues to intensify its efforts to ensure that legal professionals adhere to anti-money laundering (AML) policies. In the most recent assessment, the SRA, acting as the AML supervisor, pinpointed the absence of independent [...]

How long should a firm retain client matter files?

1. Introduction A robust records management strategy is crucial for law firms due to the volume of sensitive documents they handle, such as agreements, instructions, and case notes. Effective and compliant document management also includes limitation periods on how long [...]

Data Protection and GDPR with blue tech shield

Data Protection and GDPR – Protecting Your Firm

Introduction With the advancement in technology, cyberattacks have become more prevalent and sophisticated. Subsequently, this has led to increased data theft incidents that can have severe consequences for firms and their clients. Read our previous article – Cybercrime Warning, A Must Read [...]

"Office of financial sanctions implementation" with high rise office buildings

Office of Financial Sanctions Implementation – Updates to OFSI Enforcement Guidance

1. Introduction The Office of Financial Sanctions Implementation (OFSI) has recently released an announcement with updates to its Enforcement and Monetary Penalty guidance to include details on its approach to assessing breaches of financial sanctions where an incorrect assessment of [...]

"Practical Law Feature" with high rise commercial buildings

Practical Law Feature – Identifying and Managing Negligence Risk Within a Law Firm

The Strategic Partner's Managing Director, David Green, has recently released a practice note for Thomson Reuters Practical Law. You can see the practice note on how law firms can identify and manage their risk of negligence claims and service complaints [...]

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

Risk Management

May We Suggest?