Wednesday 18th March 2026 |
Law firms are under sustained scrutiny from regulators, clients and counterparties. Across sanctions, AML, source of funds verification, international work and general risk management, small gaps in controls can lead to regulatory action, client complaints or significant financial crime exposure.
Many firms are now revisiting their entire risk framework to ensure their policies, file reviews, risk assessments and onboarding checks stand up to scrutiny.
In this webinar, we provided a practical walkthrough of the core elements of a law firm risk audit. From reviewing your sanctions and AML controls to testing the quality of matter risk assessments and identifying common red flags in file reviews, the session explained where weaknesses often arise and how to strengthen your compliance foundation. We also outlined how to assess international exposure, improve source of wealth documentation, and prepare for SRA engagement or inspection.
Ruth, Jen and Nick were joined by Philippa Hayes, Director of Legal & Regulatory Risk at BCLP, who shared insights from the perspective of a global law firm, including how firms can approach risk audits in practice and respond to regulatory expectations.
What this webinar covered:
- Preparing for an SRA audit, including documentation, training records and policies
- How to assess sanctions compliance and identify common weaknesses
- Reviewing AML procedures, including source of funds and source of wealth checks
- Auditing matter risk assessments and evidencing decision-making
- Hotspots and red flags from file reviews and recent SRA findings
- Evaluating international work and exposure to high-risk jurisdictions
- How to test the effectiveness of your firm-wide risk assessment