Risk Outlook 2016 / 2017:
In General:
The “usual” risks that we would expect (things like money laundering, information security (aka cybercrime and bogus firms), standards of service, vulnerable clients etc) remain in the new Risk Outlook (RO) as priority risks but there is one “new” priority risk – access to legal services. The SRA report that people who take legal advice are happier with the outcome of their legal problems than those who don’t. Notwithstanding this, many people cannot afford to or choose not to access legal advice and hence the new priority risk.
One risk that may have been expected to feature in the RO this year is the potential consequences of the EU Referendum results but it is considered too early to include anything on this and the likelihood is that the SRA’s Autumn Update to the RO will, if appropriate at that stage, have a Brexit update.
The RO is in sections and, for each priority risk, the SRA explains:
o Why is matters;
o Trends;
o Actions to manage the risks (both from the SRA and legal providers);
o Scanning the horizon (ie potential changes) where appropriate.
There are 7 priority risks, as follows:
1. Lack of access to legal services;
2. Standards of service and considering vulnerability;
3. Information security (which includes cybercrime and bogus law firms);
4. Independence and integrity;
5. Protecting clients’ money;
6. Money Laundering;
7. Diversity.
We at Legal Eye can support you in assessing and working with you to implement policies, procedures and plans to ensure that you/your law firm is in fact compliant and more importantly help you/your firm mitigate against these key risks identified by the SRA.
Do not hesitate to email or call Loschinee Naidoo to discuss further.
Loschinee Naidoo
Director of Compliance and Risk Management
Legal Eye Ltd.
ln@legal-eye.co.uk
07883165335