Risk and compliancemagazines|March 2011
The challenges to law firms of outcomes-focused regulation
Olswangs head of risk and compliance on why law firms need risk directors and how they can help boost profitability
From client conflicts to conflict zones in Africa, risk management is about a lot more than just anti-money laundering
Good risk management means going beyond regulatory risk.
Preliminary results from ourresearch into risk roles in the top 100 firms show that
fewer than a third have a dedicated risk director (or equivalent) role. At the moment, lawyer partners often cover risk management as just part of their remit. If this was the case in other regulated sectors, people would think we were still living in the
1980s. It’s outmoded and needs to change.
In this issue we have Olswang’s head of risk and compliance on why firms need risk directors, a feature length look at the threats firms often aren’t looking at, and analysis of what the new risks look like and how OFR might affect your firm.
JUST ANOTHER DAY IN THE OFFICE…
Tom Arrowsmith, Olswang’s head of risk and compliance, talks to Rupert White about why law firms need risk directors and how teams like his can help firms do better business.
Lucy Trevelyan looks at the world of the risk director. From client conflicts to conflict zones in Africa, she finds that risk is about a lot more than money laundering.
PROACTIVE MEASURES, PLEASE
Good risk management means more than just regulatory attention to detail, says Brian Lynch, risk practice group director of IntApp.