• March 28, 2024
 SRA Risk Outlook highlights managing claims and cyber security as key areas of concern

SRA Risk Outlook highlights managing claims and cyber security as key areas of concern

The SRA’s risk outlook published this week has highlighted two main areas as requiring particular attention from law firms:

Managing claims

‘We are increasingly concerned about the practises of some firms that offer personal injury work, including holiday sickness claims. Similarly, some firms bringing payment protection insurance claims may not always be meeting the high standards we expect.’  SRA Risk Outlook 18/19 page 4.

Cyber security

‘Cyber security has always featured in the Risk Outlook as a consideration when protecting people’s information and money. But we recognise that this is of increasing concern to the profession, so we have set it out as a separate risk. We have worked with the National Cyber Security Centre to provide you with top tips on keeping cyber-safe.’  SRA Risk Outlook 18/19 page 4.

We will provide further detailed practical guidance over the next few weeks. Please contact us on bestpractice@legal-eye.co.uk to receive a copy.

Legal Eye will also be running a short webinar to run through the practical implications of this for your firm. Please e-mail bestpractice@legal-eye.co.uk to receive an invitation to the webinar.

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The views expressed in this article are those of the submitter and not those of Today’s Wills & Probate.

Legal Eye

http://www.legal-eye.co.uk

Legal Eye works with law firms to ensure compliance and optimise performance. Their extensive and thorough knowledge of the law and regulations will ensure your law firm is compliant and your processes sound. Files are audited to ensure you are not only complying with the service level agreements you have in place, but very importantly, also the code of conduct.
They provide a documented audit trail which is firstly, a requirement of the code of conduct and secondly, essential for PI Insurance purposes and very often for CQS, Lexcel and other quality accreditations. This provides documented evidence of a proactive approach towards risk management. The advice they offer is clear and practical, and they pride themselves on exceptional customer service and unbeatable work quality. Services include:
  • Specialist expertise across the full range of regulatory, risk and compliance issues to inform your internal decision making.
  • Additional qualified resource where you simply do not have the time to review your regulatory position or to carry out essential ongoing tasks such as file reviews.
  • An online risk hub –  an online resource centre for law firms. The hub provides a comprehensive bank of resources to help COLPs, COFAs, partners, directors and managers to manage risk. It includes precedent policy and procedure documents and templates, access to online training on a range of risk and compliance topics, and a range of useful materials such as ‘how to’ guides, short videos and articles.
  • Drafting and review of key policies and procedures including the supply of ‘document packs’ to save you time researching and writing documentation.
  • Expert advice on how to comply with up-to-date regulation including the very latest requirements complete with a written set of recommendations.
  • Specialist outsourced complaints  handling service provided by former SRA and LeO officers.
  • Gap analysis of your firm’s policies, processes and procedures as they relate to the Solicitors Accounts Rules (SAR) including the production of a written report summarising the strengths and weaknesses of the current arrangements and detailing recommended next steps and actions to put your firm in an even stronger position.
  • Training on SAR and on anti money laundering (AML) as well as other finance-related training which can be delivered virtually for your firm, face-to-face (subject to government guidance) or online via Legal Eye’s Training Academy.
  • A Standard Procedures Manual to provide a practical and comprehensive roadmap for firms to follow when looking to double check whether the current operating procedures are fit for purpose, setting up a new firm – or arm of a firm – or starting a new finance function from scratch.
  • Experienced advice and support for one-off projects such as achieving quality accreditations or switching regulators.
  • Proven high quality training for fee earners and staff held at your office/s covering essential risk topics such as  Anti Money Laundering, data  protection, cybercrime, conflict of  interest and more.
  • Online training from The Legal Eye Academy – core modules available to all staff at their convenience. Includes built-in auto reminder functionality so that you no longer have to chase staff indi-vidually to complete important training. Your package includes free updates to ensure knowledge is always up to date.
  • Added value updates by email to all your key people covering all the latest updates on risk and compliance.
The Legal Eye team includes former solicitors, partners and directors in law firms; former case handlers at regulators such as the Solicitors Regulation Authority and the Legal Ombudsman and experienced risk and compliance professionals. Contact: Paul Saunders Tel: 0203 0512 049 Email:  bestpractice@legal-eye.co.uk Address The Old Grammar School Church Road Thame Oxfordshire OX9 3AJ