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Using risk management to overcome uncertainty

As law firms have grown, they have taken on many of the characteristics of corporate entities, with sophisticated structures, business and financial controls. And, just as corporates have had to face up to risk-management strategies like never before, so have law firms needed to accept the importance of positioning a risk strategy at the heart of their business. In part one of a two-part article, Julia Graham, director of risk at DLA, assesses the essential emergence of risk management in the legal world.

27 July 2004

Half of Europe’s top-100 companies now have a dedicated risk manager and, as risk management continues to come of age as a profession, many companies choose to focus on actively managing their risk rather than primarily concentrating on insurance buying and administration. The last ‘Aon European risk management and insurance survey1’ noted that differences remain in risk-management practice across Europe. This finding concurs with varying levels of government intervention in such areas as corporate governance. However, we can expect greater consistency in risk-management practice to emerge.

The Centre for the Study of Financial Innovation’s annual Banana Skins 2003 report2 focuses on the world of banking, but includes risks that should feature on all agendas, such as the rising tide of governance and regulation. For the first time, these risks also feature in the Aon survey, but are made prominent, not only because of repeated corporate failure, but also...

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