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Risk management should be higher up the agenda of all law firms

By Guy Vincent, Consultant, Bircham Dyson Bell 

3 October 2014

Risk management is an issue that is rarely discussed, so it was encouraging to see it treated as front-page news in the UK recently. You didn't notice? During all of the excitement about the Scottish referendum, we witnessed a very public display of appalling risk management. The three major political parties in London had made their calculations about the outcome of the vote in Scotland many months ago. I am sure that they had all considered the likelihood of a 'no' vote against the likelihood of a 'yes' vote and plotted the event on their risk matrix, together with an assessment of the possible impact.

They got it horribly wrong. And the reason why they got it wrong was because they did not keep their risk register up to date. Only in the last few days before the vote did the Westminster elite realise that their risk assessment was dreadfully inaccurate. As it dawned on them that the likelihood of a 'yes' vote had increased to very high ...

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