Why risk and compliance issues matter more than ever for law firms

Businesses are dealing with risks all around them, all of the time. As the world gets more complicated, so do the risks we encounter – from reputational risks threatening a company’s standing to complex technology risks such as the hacking of data held online.

Mitigation is possible

We are in what currently feels like uncertain times, as global events continue to affect us and the economy but whilst risk can never be totally eliminated, it can be mitigated.

In the commercial world, there are both generic and sector specific risks to be considered. Many organisations will have identified the potential risks their businesses face and deployed what they hope will be effective mitigation strategies.

Disaster recovery planning

Often this information will be recorded in a document such as a disaster recovery plan which needs to be kept constantly under review and updated in response to events and developments.  

The range of risks is likely to be broad and will include all sorts of considerations such as a cut in power, unexpected long-term absence and even outbreak of war.

The flip side: compliance

Compliance is the flip side of the risk management coin and, of course, there is risk in not complying with a necessary law or regulation. It goes without saying that it’s never a good look for a law firm to fall foul of the law, so compliance really is crucial in today’s social media environment where the slightest slip up could go viral very quickly and the reputational damage of getting it wrong could be catastrophic.

The compliance function in any law firm is a vital one covering a whole range of considerations such as cyber security, SRA requirements and specific rules relating to the many different services law firms offer such as conveyancing, dispute resolution and employment. 

Given the ever expanding and changing nature of applicable regulations and laws, just keeping up with what is needed requires significant resources – both technical and human and these are costly to put in place.

It seems quite likely that there will be more new legislation coming through following next year’s general election, so the volume of work for compliance teams looks likely to increase.

How can Global BPO help?

We offer a highly cost-effective, multi-layered risk and compliance solution. Law firms can choose which support best suits their needs. Sometimes this means just starting with one or two resources and then expanding over time. Others are looking for an all-encompassing solution from day one.

Client teams vary and we provide a range of personnel from risk and compliance managers through to file administrators who provide much needed firm-wide support.   

So how does it work? 

After receiving in-depth training from our clients, our teams work with all responsible parties such as the MLRO, COLP, partners, heads of departments, paralegal supervisors, fee earners and secretaries, supporting them with a broad range of risk and compliance-related initiatives. 

These may include assisting with the introduction of controls and effective risk mitigation measures; supporting the firm’s Data Privacy Officer, working on AML risk reviews and assessments or opening client files and new matters. 

Talk to us today for a no obligation chat about how we could assist your law firm

Contact us 

For more information contact our Client Manager, Suzie Young, at: suzie@globalbpo.co.uk


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