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Risk resilience: How your business risks can create strategic success

Risk management is more than just a legal exercise: it can bring competitive advantage, says John Hurrell

25 June 2015

Law firms, like all organisations, are devoting increasing time and resources to risk management. This is an inevitable response to the growing complexity of global risks, combined with more onerous compliance demands and the absolute imperative to protect their reputation.

But is risk management really making your firm a more successful business, one that is truly resilient? If your risk management processes are designed principally to address compliance needs or to focus only on core operational risks, then your business may be risking a trick and leaving itself exposed.

Most law firms have sound procedures in place to deal with the risks associated with the profession (most notably malpractice) and, as a matter of course, will purchase professional liability insurance. The remaining risk management effort may be addressed through buying other lines of insurance, such as property and casualty or general liability.

However, for risk management ...

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