News release

SRA risk work recognised at top awards ceremony

Success in an international awards scheme has recognised the work of the Solicitors Regulation Authority (SRA) in bringing risk awareness and management into the legal services market.

The SRA was highly commended in the "Building Risk Management Capability" category at the Institute of Risk Management (IRM)'s Global Risk Awards 2014. The announcement was made at the Grand Connaught Rooms, London last Thursday (27 February), with Aviva, Hewlett Packard Global and the InterContinental Hotels Group among those also in the running for recognition.

The award was given to the InterContinental Hotels Group. The IRM is one of the world's leading risk management education bodies, and the awards attract nominations from corporations around the world.

Andrew Garbutt, SRA Director for Risk, said: "To be recognised by the IRM for our work is a great honour, and is a significant achievement when you look at the nature of the other organisations nominated for awards. The SRA is the first UK regulator to be recognised by the IRM, and it shows that our work to manage risks is carried out in the right way.

"The nomination recognised that the SRA is working in partnership with the firms we regulate to manage risks in the market, and this award motivates us even more to continue that work with firms."

As part of its outcomes-focused regime, the SRA takes a risk-based approach to its work. This is governed by the Risk Framework, which outlines the Authority's risk management process, risk governance and the organisational culture required.

The Framework is supported by the Risk Index, which provides an overview of risks posed to the regulatory objectives outlined in the Legal Services Act 2007, and the Risk Outlook, which outlines our current view of these key risks. The SRA is committed to publishing regular updates to the Outlook, with the latest to be published this week.

More information on the awards can be found here:

Go to the IRM Awards