The SRA has launched its “Risk Outlook”, a document detailing their assessment of the market and the key risks they see in providing legal services.
The Outlook is a key foundation of their approach to tackling risk and the hope it will provide firms and consumers with a clear view of the SRA’s assessment of the market.
Samantha Barrass, SRA Executive Director, said: "Risk is central to everything we do at the SRA and our day-to-day regulatory activities are guided by risk, focusing our attention and activities on issues, firms and risks that pose the greatest threat to protecting the public.
“Neither we nor the firms we regulate can eliminate risk altogether, and indeed we should not, because well controlled risks are a feature of a healthy market.”
She went on to explain that the Risk Outlook exposes the risks and controls in place to ensure that those likely to cause the most harm, are managed down to an acceptable level or out as early as possible.
Risks have been prioritised by the SRA and placed into three categories — current risks, emerging risks and potential risks.
The Outlook will be published annually and the SRA will be keeping the risks under constant review.
Please click here for more information on the Risk Outlook.