The following Practice Compliance practice note produced in partnership with Pam Grover-Mitchell provides comprehensive and up to date legal information covering:
Risk management is a cornerstone of a firm's governance, culture and business strategy. It requires the application of principle to specific circumstances. The challenge for law firms is that they must define their own principles.
Most lawyers easily detect potential weaknesses in day-to-day practice, but strategic management of risks to the entire practice comes less naturally.
This Practice Note sets out practical steps and considerations for law firms in managing their risks.
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?
Sound risk management starts with identifying the risks that your firm faces in the first instance. It may help to think of these as falling into some common categories:
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