The following Practice Compliance guidance note Produced in partnership with Pam Grover-Mitchell provides comprehensive and up to date legal information covering:
Investment in risk management is important.
You should have some sort of risk function offering maximum return on investment by:
carrying out the greatest possible volume of risk-related work to the best standard (and potentially freeing up partner/fee earning time), and
offering the most added value to both the firm and, where possible, its clients
What this means in practice varies from one firm to the next.
To identify the right level of investment needed for your firm, you can carry out a cost-benefit analysis (CBA), ie evaluate the benefits offered by your risk management resource (see precedent Risk management—cost-benefit analysis).
General factors you should consider include:
Functions carried out by your risk resource may include:
new client risk assessments (including anti-money-laundering, conflicts and sanctions checks)
negotiation/monitoring of engagements deviating from your standard terms of business
professional indemnity insurance renewal
insurance claims and complaints resolution
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