The reality for a number of firms is that up until now their risk teams have been wading through treacle to get their firms in shape. Now that the concept of effective risk management is universally recognised, the hard work begins for some: getting the appropriate level of support internally. To our survey question ‘What are the main barriers to implementing a risk management culture at your firm?’, the response ‘getting proper “buy-in” from fee-earners’ came up time and again.
Other linked responses include getting internal agreement to make sure that the resources and funding are there to manage risk adequately, and ensuring that fee-earners play their roles properly in ensuring compliance with the regulations and procedures that keep risk to a minimum.
