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COLPs and COFAs asked for risk severity views

The COLP and COFA community are being asked for their views on a new element to the methodology for the risk assessment of firms used by the Solicitors Regulation Authority (SRA).

The SRA's Risk Centre is looking to introduce a new element of severity to sit alongside current impact and probability components of risk assessment. Measurement of severity allows the Authority to identify those risks that are greater than others.

All COLPs and COFAs are invited to take part in the ten-minute survey to discover their views on the severity of the risks in the Risk Index. Analysis of the collected responses will be published in due course.

Andrew Garbutt, SRA Director of Risk, said: "This is an excellent opportunity for compliance officers to feed their views directly into the SRA’s firm-based risk assessments, and is the first step in opening up a two-way dialogue around management of regulatory risk. It will also allow us to explore whether firm size, location and areas of practice influence perceptions of risk.

"By taking part in our survey we hope to capture your views on how serious each of the risks in the Risk Index are."

At present, the level 1 risks in the Risk Index are not weighted or prioritised. By allocating a severity score to each risk, the SRA acknowledges some risks inherently have more potential than others to harm the regulatory objectives. A guide to how the SRA currently assesses risk can be found on the Regulatory Risk Framework pages.

Understanding how severe each Level 1 risk is will underpin further work on tolerance levels for each risk, and how risks are prioritised. The SRA will use responses to feed into a wider piece of work being undertaken by its Risk Centre that will help form a view of the final severity scores.

The Risk Centre will also be analysing how different types of firms view risks. The SRA has emailed COLPs and COFAs with further details and a link to the survey using contact details entered on to mySRA.

COLPs and COFAs who have not updated their details may not receive the survey invite, but are welcome to be involved in this exercise, as are other interested parties by following this link:

Go to the survey

To ensure similar communications are received in the future compliance officers are encouraged to update their mySRA details. Information on the Risk Index can be found here:

More on the Risk Index

Information on the Regulatory Risk Framework can be accessed here:

More on the Regulatory Risk Framework

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