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Risk Management

Risk Management sits at the heart of all successful law firms. An approach to risk management which delivers and evidences control and understanding of risk will provide a firm with a structure from which a firm can achieve success and control cost.

With Professional Indemnity Insurance Premiums being a major part of a law firm’s expense and the consequences of poor risk management increasing premiums and risking an SRA investigation, firms cannot risk their future by not having the appropriate focus on risk management.

TSP offers a range of risk-based services to law firms providing complete outsourced solutions, through to project or individual engagements. We understand risk and we understand how to manage risk and through provision of needed expertise and resource, we assist firms in building robust and respected strategies that are maintained.

The combination of our experience of working with law firms, Professional Indemnity Insurers and the Law Society provides The Strategic Partner with a unique insight into risk management and control, which firms we work with benefit from.

Law Firm Compliance

The Service

Risk management is an all-encompassing expectation of a law firm and both the Solicitors Regulation Authority and Professional Indemnity insurers expect firms to operate a structure that is sensitive to risk and is capable of identifying and addressing issues as they arise and where possible avoiding them.

Risk is not just about Anti Money Laundering and stretches much further into a firm and when firms undertake their annual risk assessment (a regulatory requirement) they should take this opportunity to expand their review into all aspects of the firm and its management to identify, address, avoid and minimise risk whenever they can.

Our Risk Management Services for Law Firms

The Strategic Partner work with firms to establish a robust risk management strategy which is clearly set out and documented, providing the necessary requirements for regulation but also Insurer expectations on how the firm manages the risk in the firm.

Our risk management process provides firms with an independent assessment of risk management and ensures they are able to actively demonstrate a positive management culture when it comes to risk management and controls.

Our services tend to focus on:

  • Firm reviews to analyse and identify risk and implement policies and procedures to minimise or remove the risk
  • Annual risk reviews (increased frequency if needed) for both AML and regulatory purposes
  • Identifying the high risks in the firm and training staff on how to identify and address them
  • Training staff on risk, what constitutes a high risk, how to identify it, and what to do
  • Working with Managers and Owners to handle and manage risk on an ongoing basis
  • Implementing a robust reporting structure enabling risk issues to be shared with the compliance officers
  • Maintaining risk registers and managing them with or for the firm and its staff
  • Liaising with Insurers to demonstrate risk management techniques to assist with renewals and premiums
  • Risk Assessments and file audits as required either annually or as needed
  • Risk reporting to the partners with reports written to be used for compliance and insurance purposes if needed

Is your firm compliant?

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Contact our Compliance or Consultancy Team

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