rblog

Risk Outlook giving small firms a helping hand

By Laura Holloway on 4 August 2015

This year’s Risk Outlook was published on 21 July, and we’ve already had a lot of interest—the report has had over 3,000 web hits and counting. You’ve been tweeting about it and there’s been media articles exploring several different risks.

The report is definitely worth a read if you want to know more about the risks we’re prioritising. However, this year we have added some extra content to sit alongside the report—online priority risk summaries and 29 new case studies. These allow you to see an overview of each risk at a glance, and the case studies are really useful for bringing the risks to life, and can be used in training. Why not take a look at our priority risks?

This new content came out of our thinking about how we could make the Risk Outlook more useful for you when we know you have busy schedules. In particular, we’ve been thinking about small firms. We have been focusing on smaller firms since our compliance officer conference in November and have launched a range of support options since then, such as a dedicated option for our Ethics Guidance helpline, and small firms section on our website.

We are aware that for many small firms, taking time out from work for clients is difficult, even for something as important as business planning. So we have turned the Outlook into something more bitesize so that absorbing the information is much more manageable.

Our ‘new firm starter pack’, available on the small firms support pages, is a great introduction to managing some of the risks in this year’s Outlook, including misuse of client money and bogus firms. So if you’re a small firm, why not see what our website can do for you?

We hope to have some feedback from small firms on how they’re using the Risk Outlook for our next blog—if you’d like to let us know what you’ve found useful, and what we could improve, contact us on risk@sra.org.uk

Laura Holloway is a Risk Analyst at the Solicitors Regulation Authority.