Risk management guides

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This Overview signposts core guidance and tools on risk management for law firms and in‑house teams, with links to practical materials across the practice area.

Effective risk management is a regulatory expectation and operational necessity. For solicitors, the SRA Standards and Regulations require governance and supervision, with the COLP and COFA overseeing systems, including under the SRA Accounts Rules. Chambers and BSB‑regulated entities must meet comparable obligations under the BSB Handbook.

Practitioners should understand: governance architecture (risk appetite, registers, ownership and reporting); client and matter risk (conflicts, confidentiality, scoping and terms of business, undertakings, client account controls); professional indemnity risk (SRA Minimum Terms and Conditions, notification and claims); information and cyber risk (UK GDPR and the Data Protection Act 2018, ICO reporting and DPIAs, incident response); and conduct risk (culture, competence, supervision and duty to report serious breaches).

Financial crime remains central. The Money Laundering Regulations 2017 mandate a firm‑wide risk assessment, policies, screening and training, and a risk‑based approach to CDD; bribery (Bribery Act 2010), sanctions compliance (OFSI) and the corporate offence of failure to prevent the facilitation of tax evasion (Criminal Finances Act 2017) are integral.

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