Consumer protection—risk management review

Published by a LexisNexis Commercial expert
Practice notes

Consumer protection—risk management review

Published by a LexisNexis Commercial expert

Practice notes
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This Practice Note is intended to assist in the assessment of risk related to consumer protection issues. It aims to provide a step-by-step guide to the various tasks to be undertaken in a consumer protection legal risk assessment, solutions to help reduce risk, and a means of reporting to the board or risk management colleagues on the legal risks, how they have been addressed or what measures have been put in place for others in the business to address them.

Introduction

Organisations that provide goods, services or digital content to consumers must ensure that their standard form consumer contracts and every part of their commercial activity comply with consumer law and practice. Failure to comply may lead to unenforceable contracts, claims by consumers, actions by enforcement bodies or, in some instances, can lead to prosecution of both senior employees and their corporate employers.

Consequently, it is vital that organisations have systems and procedures in place to avoid these risks.

Additionally, all organisations must understand the risks in relation to product liability and consumer safety, and have in place safeguards

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Jurisdiction(s):
United Kingdom
Key definition:
Risk management definition
What does Risk management mean?

A system which identifies, assesses and prioritises risk and identifies resources to minimise, monitor and control it.

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