The SRA publishes a Risk Outlook which is regularly updated to reflect the regulator’s changing priorities and its response to emerging and identified risks. The Spring 2014 Risk Outlook was published in early March and updates the previous Outlook document from October 2013.
In this latest document, the SRA has identified three new risks:
- Inadequate systems and controls over the transfer of money
- Bogus law firms
The Risk Outlook also contains short updates on risks previously identified by the SRA: financial difficulty and dishonest misuse of client money; lack of a diverse and representative profession; failure to comply or cooperate with information and notification requirements; lack of adequate succession or exit planning.
This publication is essential reading for the firm’s compliance officers and anyone working in a risk role