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Why law firm managing partners need internal auditors

By Louise Fleming, Partner, Aretai Consulting

20 April 2015

Most likely, if you are a relatively risk-aware managing partner, you will have your law firm's risk governance pretty much sorted. You will have a board in place which sets out the firm's strategy and articulates clear objectives and your firm's risk appetite. You will have set the tone from the top and be proud of the culture you have instilled in your firm.

What's more, you will have identified the top ten risks facing your business and prioritised them according to their impact and the likelihood of occurrence. You will have reported these risks to your partners and assigned each risk an internal owner for management purposes.

After you completed your risk mapping exercise, you will have identified a number of controls to mitigate the key risks facing your business. And, relying on these controls, you will...

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