Fighting firepower

Last year was a busy year for new rules and regulations – some firms took this as an opportunity to review and change their risk and compliance strategy. With increased expectations from regulators, insurers and clients, risk and compliance can no longer be just a tick-box exercise. How have behaviours and approaches to risk management and compliance changed with the onset of Covid-19 in 2020?

REMOTE RISK

Risk management is, and always should be, a top priority – as client service and the security of client data and communication will always come first, whatever the current situation, says Nicola Hughes, partner and head of business risk and compliance at national serious injury firm CFG. “Covid-19 made us review the way we worked, and we had to adjust the extensive procedures and policies we already had in place.”

PREMIUM PANIC

Being able to present your firm in the best light to insurers can be a daunting task, especially with the pandemic as a backdrop. Scott Thorne, SME professions at Miller Insurance, says the October renewal saw more questions from insurers to do with risk management and working from home – obviously with regard to how the firms are handling new pressure and risk brought on by Covid-19.

PII, THE UGLY TRUTH

Even before the hardships brought on by the pandemic, the solicitors’ professional indemnity insurance (PII) market was becoming more turbulent. The year 2019 was a difficult one for many and premiums were on the rise.

THE DIGITAL DISEASE

At the root of all legal-IT evil at this moment in time – like the ever-present, ever-persistent Covid-19 – is the digital scourge of email phishing, the effects of which can be incredibly devastating to an organisation and its clients.