If the risk management team could be described as a law firm’s conscience, then it follows that the past two years have pricked that conscience to new heights. Of course, Covid-19 has changed the way everyone does business forever and firms are scrambling to align themselves with a new corporate culture that clients are espousing – doing business the right way, not turning a buck at the expense of the planet and taking a genuine interest in maintaining a happy and productive workforce. Our annual risk and professional indemnity report in conjunction with Marsh Specialty reflects these new priorities, with firms understandably preoccupied with reputational risk tied to ethical behaviour under solid environmental, social and corporate governance (ESG) principles, as well as dealing with the new normal of nurturing a workforce that now operates predominantly outside the office.
Risk management and professional indemnity survey 2022: Do the right thing
Given the zeitgeist, it comes as little surprise that ESG compliance and employee relations have dominated the agenda for risk specialists this past year