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Risk maturity: Adapting risk management systems to new threats

Peter Bennett reveals how he is evolving the risk management system which saved his firm £3m in PII premiums 

24 October 2014

 


Key takeaway points:

  1. Leverage existing technology to improve operational risk management
  2. Make risk management part of the fee-earning process; it is essential to adoption
  3. Explain why risk management is important; don’t assume everyone understands. Education is key to ongoing adherence
  4. Don’t be afraid to publicise how well you manage your risks – clients will want to know

 

The high cost of professional indemnity insurance (PII) has always been a bone of contention in the UK legal sector and, once again, it is in the news due to the changes recently introduced by the Solicitors Regulation Authority (SRA). While
many firms are keen to reduce their premiums, the ability to do so depends
on the risk exposure of organisations
and their insurers.

At Bates Wells Braithwaite (BWB), we ...

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