Page 40 - DWF Annual Report 2017

Challenges this year External factors We are happy with our level of risk
because we are confident in the controls
Whilst Cyber Risk is not yet seen as the The SRA continue in their review of the
most significant risk Law Firms face, this Handbook, regulatory approach and that we have put in place. Our Risk
year we have witnessed sudden attacks Accounts Rules. Once released this will Register, a traffic light-based monitoring
elsewhere and the detrimental effects undoubtedly create mandatory training system, is continually updated so we
they pose meaning it is increasingly and guidance throughout the business. are always fully aware of the business’s
being seen as a higher priority. There is Alongside this we have seen the risk status.
much written regarding Law Firms implementation of the new Money
remaining a natural choice for cyber Laundering, Terrorist Financing and Future
attacks due to the money involved and Transfer of Funds (Information on the Although not captured by the UK Corporate
nature of transactions being undertaken, Payer) Regulations 2017 and await Governance Code, going forward, we will
not forgetting the potentially valuable the new European data protection take note of the Financial Reporting Council
sensitive data which requires protection. laws – known as General Data Guidance on Risk Management, Internal
Protection Regulation – requiring all Control and Related Financial and Business
Cyber attacks will naturally become more companies to introduce stricter controls Reporting (FRC risk guidance). In summary,
sophisticated and it has become ever on data privacy. the guidance requires that greater attention
more important for the Risk Management needs to be paid to the risk management
and Information Security team in Competitive advantage process and profile, principal risks and
educating our people about hacking, mitigation, strategy and risk appetite,
phishing and data security awareness. We adapt to and embrace risk by taking a culture and reporting. To this end, following
commercial and intelligent approach. We
truly understand what our risks are which a recent robust firm-wide risk assessment,
The team also manage gives us the insight and backing to make the Board will hold a discussion to
understand the findings of the risk
DWF’s insurance portfolio, timely decisions. This is essential to the assessment and ensure risk management
way we operate. As a business we
including Professional capitalise on opportunities and move is further embedded across the business.
Indemnity, EL/PL and forward at a fast pace, none of which Risk management
would be possible without a solid
Management Liability framework from which to operate. The team supports our business by
managing risk. Their responsibilities include
regulatory compliance, Anti-Money
Laundering and Data Protection.

Team Members liaise on behalf of the
business with our regulators in all
jurisdictions and are represented on the
Compliance and Risk Management
Committee (CRMC) and support it by
managing the risk register. The team also
manage DWF’s insurance portfolio,
including Professional Indemnity, EL/PL
and Management Liability.

Business excellence
The Business Excellence team provides
independent assurance for the
business. On a day-to-day basis they
conduct internal audits across DWF in
order to manage our external ISO
9001:2015 standard; and implement
business excellence activities to drive
continuous improvement.

Our ISO suite of standards has grown.
The team now also carry out internal
audits against the Information Security
Management standard of ISO
27001:2013 and the Environmental
Management standard of ISO 14001.

Deborah Abraham,
Director of Risk Management and Excellence.