News release

SRA updates Risk Index

The Solicitors Regulation Authority (SRA) has updated its Risk Index to provide a further improved view of all the regulatory risks it manages.

Risk-based regulation is a key part of the SRA's outcomes-focused regime, and firms too should have embedded sound risk management processes into their delivery of legal services. 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.

The third part of the jigsaw is the Risk Outlook, which outlines how the Authority views the key risks to its regulatory objectives. It was first published in July last year, but was updated in November and again last month.

Go to the Risk Index

Visit www.sra.org.uk/risk to find out more about the Risk Framework and Risk Outlook. 

 
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