When logging a risk in the Risk Register Module, you will be asked to select a Risk Category.
There are 5 different risk categories used in the Risk & Compliance System.
Operational – Impacts upon the day to day operation of the firm/practice e.g. flooding, electricity.
Strategic – Risks involving the strategic operation of the firm e.g. areas of law they practice in e.g. if a conveyancing firm were to lose their CQS accreditation.
Procedural – Risks regarding the processes and procedures in operation at the practice e.g. poor file management.
Regulatory – As a regulated business, law firms are required to abide by certain rules or regulations e.g. the risk of breaking them, being sanctioned. Includes all regulators (e.g. SRA, ICO).
Financial – Risks associated with the firm’s bottom line, e.g. risk of fines, loss of earnings, profitability.
If you require any further assistance, contact the Customer Success Team on 01829 731 200 or via firstname.lastname@example.org.