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Legal Eye’s Annual Risk Assessment provides an independent review of your law firm’s risk and compliance information, helping senior management identify trends, prioritise improvements and establish a clear plan for the coming 12 months.
Our experienced legal-sector compliance advisers analyse information from across the firm, assess the effectiveness of existing systems and processes and identify areas that may require further attention.
Following the assessment, your firm receives a detailed report setting out the findings, recommended corrective actions and a practical action plan.
Why an annual risk assessment matters
Reviewing risk and compliance information collectively can help your firm identify patterns that may not be apparent when different types of data are considered separately.
An independent assessment provides senior management with clearer oversight of emerging risks, recurring issues and areas where additional controls, resources or training may be required.
How the assessment supports your firm
What the annual risk assessment reviews
The precise scope can be tailored to your firm and may include:
- Professional indemnity insurance claims information
- Client complaints and client satisfaction survey findings
- Data protection breaches and subject access requests
- Financial crime information, including anti-money laundering, counter-terrorist financing, matters relating to the Criminal Finances Act 2017 and suspicious activity reports
- File review findings and trends
- Matters reported to the COLP or COFA
- Serious breaches reported to the SRA
- Records of non-serious breaches
- Conflict-of-interest matters in which the firm has acted
- Learning and development information
- The firm’s current Risk Register
- The firm’s current High-Risk Register
What your firm receives
Following the assessment, Legal Eye prepares an Annual Risk Review Analysis Report identifying relevant trends and areas requiring attention.
The report includes recommended corrective actions, a practical action plan and suggested amendments to your firm’s Risk Register.
What is not included?
A review of compliance with the SRA Accounts Rules does not form part of the Annual Risk Assessment. The assessment is also separate from the firm-wide AML risk assessment required under Regulation 18 of the Money Laundering Regulations.
How the assessment is delivered
The assessment can be completed remotely or on-site, depending on your firm’s requirements and the arrangements agreed with Legal Eye.
Independent insight from compliance specialists
The assessment is undertaken by members of Legal Eye’s wider team of experienced legal-sector risk and compliance professionals. Our advisers provide clear, proportionate recommendations informed by the practical and regulatory demands placed on law firms.
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Frequently Asked Questions
What information will our firm need to provide?
The information required will depend on the agreed scope of the assessment. It may include professional indemnity insurance claims information, complaints and client satisfaction data, data protection breaches and subject access requests, financial crime information, file review findings, matters reported to the COLP or COFA, breach records, conflict-of-interest information, learning and development data and the firm’s current risk registers.
What will we receive following the assessment?
Your firm will receive an Annual Risk Review Analysis Report identifying relevant trends and areas requiring attention. The report will include recommended corrective actions, a practical action plan and suggested amendments to your firm’s Risk Register.
Can the assessment be completed remotely?
Yes. The assessment can be completed remotely or on-site, depending on your firm’s requirements and the arrangements agreed with Legal Eye.
How long does the assessment take?
The assessment typically takes between several hours and one full day, depending on the agreed scope and the volume and complexity of the information being reviewed. Legal Eye will confirm the anticipated timescale with your firm before the assessment begins.
Are the SRA Accounts Rules included?
No. A review of compliance with the SRA Accounts Rules does not form part of the Annual Risk Assessment.
Is this the same as an AML firm-wide risk assessment?
No. Legal Eye’s Annual Risk Assessment provides a broader review of risk and compliance information from across the firm.
An AML firm-wide risk assessment is a separate document required under Regulation 18 for firms within the scope of the Money Laundering Regulations. It specifically considers the money laundering and terrorist-financing risks to which the firm may be exposed and the measures used to manage those risks.
