The Solicitors Regulation Authority (SRA) has published its second Risk Outlook detailing key factors it believes impact delivery of competent and ethical legal services.
Launched last year, the SRA’s risk analysis gives firms and consumers a view of what the authority has found to be drivers in the market and what the key risks are, and the Authority says the Outlook is playing an ever-increasing role in firms’ planning and strategic thinking.
The bi-annual Outlook’s in-depth approach explains why the risks included are significant and provides advice on regulatory approaches to managing them, with supporting papers outlining each issue in detail and risks placed into two categories, current and priority.
Andrew Garbutt, SRA Director of Risk, said: "We cannot totally eliminate risk, and in fact the market will only innovate and grow if firms take risks. The purpose of the Outlook is to ensure firms are aware of the risks they may face and help them to plan ahead.
"We are invited to more and more events focused on risk management to talk about how firms can use the Risk Outlook as part of their strategic thinking. We are hearing about firms taking the information on board and making alterations to their business plans as appropriate."
The SRA was Highly Commended by the Institute of Risk Management at the Global Risk Awards 2014.
Access the Risk Outlook here: http://www.sra.org.uk/solicitors/freedom-in-practice/ofr/risk/risk-outlook.page
