The following Practice Compliance practice note provides comprehensive and up to date legal information covering:
Our practice note: Formulating a risk management policy sets out how you might do this. This practice note identifies some common risks facing law firms.
There is a widely accepted definition of risk, ie:
Risk = probability x impact
So, for any given risk faced by your business, there are two questions:
how likely is it that the risk will materialise, ie what’s the probability?
if the risk does materialise, how bad will it be, ie what’s the impact?
Risk is typically categorised, eg:
strategic risk—risks that could materially affect your firm’s survival or profitability
operational risk—risks that are associated with day-to-day activities and management
regulatory risk—the risks you face from non-compliance with your regulatory obligations
Some risks may fall into more than one category.
Different firms face different risks so it is important that you identify the specific risks faced by your firm. Our Risk management policy sets out various methods for doing so.
There are some risks that are more common than others and are likely to affect most firms. These are shown in the tables below.
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