Why it is important to maintain ongoing risk governance
Ongoing review is necessary to ensure your firm's analysis remains relevant, and that controls are meeting expectations successfully. Maintaining a living and breathing risk register will not only help you to manage the risks you and your firm face, but will also help show the SRA and your professional indemnity insurer that you take risk management and compliance seriously.
What you can do to maintain ongoing risk governance
Horizon scanning can help your firm stay on top of its risk profile and establish a mechanism for alerting you to changes and emerging risks. Our monthly compliance update webinars will assist you in navigating the complex compliance landscape, keeping you informed of important updates and regulatory changes. By recording newly identified risks, you can maintain a holistic view of your firm's risk landscape, ensuring continuous improvement and a commitment to protecting operations, reputation, and client trust in an ever-changing environment.
Complete mitigation strategy reviews to ensure controls remain effective and schedule future reviews to plan for key dates. Risk levels can be updated as a result of actions taken. Check-in asynchronously with your individual risk owners; each risk owner should be monitoring their risks for any red flags or changes in environment. By learning from historical data and encouraging feedback from those who engage with risk measures daily, you can enhance your risk management strategies.
How to monitor and review your risk management strategies
Access our resources for support with monitoring your risk management strategies.
Stay informed of the latest regulatory and compliance news by joining our monthly Compliance Update Webinars