The following Practice Compliance precedent provides comprehensive and up to date legal information covering:
Risk management is central to the regulatory regime under which we operate. [Insert name of firm] is committed to ensuring effective risk management within the firm and all staff have a role to play in ensuring we achieve this.
This policy sets out:
what risk is;
our approach to risk management;
who is responsible for risk management;
our processes for identifying, reporting and evaluating risk;
our risk management policies and procedures;
details of risk management training;
the steps we will take to monitor and update this risk management policy.
What is risk?
Risk is the possibility of an adverse or unwelcome outcome. This could be a financial loss, but it could also be something less quantifiable, such as damage to our reputation.
We categorise the risks we identify under three heads:
strategic risk—risks that could affect our survival or profitability;
operational risk—risks that are associated with our day-to-day activities;
regulatory risk—the risks we face from non-compliance with our regulatory obligations.
Some risks may fall into more than one category.
Identifying risks is more important than meticulously categorising them. The [insert, eg risk partner or COLP] is responsible for categorising risks where possible. See sections 4 and 5.
Our approach to risk management
We recognise there are risks inherent in almost every aspect of our practice. We also appreciate that it is impossible
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