SRA Risk Index Updated
The Solicitors Regulation Authority (SRA) has updated its Risk Index to provide a further improved view of all the regulatory risks it manages.
As a key part of the SRA’s outcomes-focused regime, the SRA sees its risk-based regulatory focus as fundamental to the safe delivery of legal services and takes the view that firms too should have embedded sound risk management processes into their service delivery.
The Risk Index has been updated to reflect that some risks impact in different ways; for example they can only impact upon solely on the firm, with a knock-on effect on consumers and the regulatory outcomes.
Andrew Garbutt, SRA Director of Risk, said:
“We have acknowledged that some of the original risks included in the Index impact in different ways, for example only on the firm, or are a driver for other risks. We have therefore put in a structure around the risks which makes them more usable by both solicitors, and our own staff.”
The Index was originally produced in December 2012 as part of the SRA’s Regulatory Risk Framework. The Framework explains how the SRA identifies, assesses, monitors and controls risks to the delivery of the regulatory outcomes.
Further information can be found on the SRA web site at http://bit.ly/OHsdui