With risk management teams struggling to cope with cost and time pressures, the move to outcomes-focused regulation is stretching resources to their limits, despite the best intentions of the SRA.
In one sense the market has come a long way. In our first three risk management reports, the biggest barrier to implementing a successful risk management culture at a firm was usually one of attitude, with many firms commenting on a lack of partner and management buy in. Today, acceptance of good risk management is far more widespread now that awareness has been raised throughout the financial services sector. However, the issue of resources has become much more pronounced. With law firms suffering widespread drops in revenue and profits in recent years, support teams, including risk and compliance, have come under even greater pressure to deliver value. And, with the shifting regulatory environment changing the rules of the game more frequently, the challenges faced by risk teams have never been greater.
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