Last year’s risk management and professional indemnity report with broker Marsh told a story of progress; firms felt risk culture had significantly improved in the ten years since Lehman Brothers’ collapse. However, risk remains a moving target and there is a feeling recent unpleasant episodes at a number of City law firms means much-touted improvements in culture have yet to include progress in professional ethics.
‘I’m a great believer in the risk team playing a key part in defining a firm’s culture,’ says Walkers’ chief compliance officer Angela Robertson. ‘Fundamentally, risk teams enforce types of appropriate behaviour, whether dealing with clients or third parties. So it being involved in defining culture is no different really. Currently risk teams don’t have a specific remit to do so though.’