From compliance to confidence: Rethinking risk assessments

Are your risk assessments meeting regulatory expectations - and delivering real value to your firm? In this on-demand session, former SRA Director and AML expert Colette Best joins Legl's Principal Product Manager Beth Colquhoun to explore what effective, modern risk assessments look like today. Drawing on insights from law firms and regulatory developments, including the SRA's 2023 thematic review, they unpack why risk assessments are under increasing scrutiny and how firms can turn them into a competitive compliance advantage.

Time stamps

00:00 — Introduction and welcome

05:30 — Why the SRA is prioritising risk assessment enforcement

14:00 — What "good" looks like in client and matter risk assessments

25:00 — Common pitfalls: documentation gaps and misaligned risk ratings

36:00 — Risk assessments as a business-critical process, not just a checkbox

44:00 — How technology supports better risk visibility and auditability

50:00 — Audience poll results and expert Q&A

Key takeaways

The SRA's 2023 thematic review signals a clear shift toward enforcement — firms need to treat risk assessments as living, auditable processes, not annual tick-box exercises.

"Good" risk assessments balance regulatory expectations with operational value — they should inform decision-making across the firm, not just satisfy compliance requirements.

Common pitfalls include documentation gaps, inconsistent risk ratings across practice areas, and failure to update assessments as matters evolve.

Technology can transform risk assessments from a compliance burden into a competitive advantage by providing real-time visibility, consistency, and a clear audit trail.

Firms that embed risk assessment into their culture are better positioned for regulatory scrutiny and commercial success.

Speakers

Legl

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