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How embracing failure can be the path to success

Putting an emphasis on sharing mistakes and learning from experience can strengthen firms’ approach to risk management, advises Peter Riddleston

5 July 2017

A cultural blueprint that embeds excellent risk management, strong compliance, and robust quality management within a firm will bring a range of business benefits, including fewer claims and hence reduced professional indemnity insurance premiums. But to achieve that outcome, firms must be prepared to embrace failure and place learning from mistakes at the heart of their strategy.

Let’s start with an example of what I mean. Conveyancing continues to top the claims charts for all the wrong reasons. According to figures compiled by the Solicitors Regulation Authority, half of all claims during the period from 2004 to 2014 were for residential or commercial conveyancing, with a massive £767m paid out. And when one looks at the top ten reasons behind claims, failure to properly identify the client is top of the list, according to data previously published by global insurers QBE.

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