VinciWorks has released version 2 of the Risk Management System. The new system features:
- All new, modern design
- Interactive dashboard
- New graphical reports
- Instant editing
- And many more technical improvements
Overview of new features
Why a Risk Management System?
The SRA Handbook and Lexcel v6 clearly require that law firms have effective systems in place to properly manage risk. Using the VinciWorks Risk Management System will enable firms to satisfy legal requirements, easily generate reports, track risks, implement a control plan, and receive alerts when things are amiss.
SRA requirements
Principle 8: Run your business or carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles.
Outcome 7.3: You identify, monitor and manage risks to compliance with all the Principles, rules and outcomes and other requirements of the Handbook, if applicable to you, and take steps to address issues identified.
Indicative behaviour 7.3: Identifying and monitoring financial, operational and business continuity risks including complaints, credit risks and exposure, claims under legislation relating to matters such as data protection, IT failures and abuses, and damage to offices may tend to show that you have achieved these outcomes and therefore complied with the Principles.
Lexcel requirements
Requirement 5.1: Practices must have a risk management policy, which must include:
a. a compliance plan
b. a risk register
c. defined risk management roles and responsibilities
d. arrangements for communicating risk information
Requirement 5.16: Practices will analyse at least annually all risk assessment data generated within the practice. This must include:
d. any matters notified to the COLP and/or COFA
e. any material breaches notified to the SRA
f. any non-material breaches recorded
g. situations where the practice acted where a conflict existed
Requirement 5.12: Operational risk must be considered and recorded in all matters before, during and after the processing of instructions.
