Risk management meaning

Legal operations risks This section addresses risks stemming from the operation of the legal department overall...

FCA and PRA senior management arrangements, systems and controls requirements The Financial Conduct Authority’s (FCA) expectations for senior management arrangements, systems and controls are outlined in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) within the FCA Handbook, as set out in SYSC. For the Prudential Regulation Authority (PRA), equivalent obligations appear across sections of the PRA Rulebook and in PRA Supervisory Statements (SSs). This checklist offers a mapping of the requirements in the various SYSC chapters alongside the corresponding senior management arrangements, systems and controls provisions contained in the PRA Rulebook and SSs. The mapping links each SYSC chapter to the parallel PRA materials. Details of the entities within the scope of SYSC are summarised in SYSC 1.1A.1G, and set out in full in SYSC 1 Annex 1 and in the relevant SYSC chapter...

Use this checklist when representing the seller in the disposal of a registered freehold residential property, whether offered with vacant possession or burdened by a lease or multiple leases. It is not comprehensive and will not address every eventuality in every transaction. You should always consider if there are additional matters that require attention. It does not purport to be a complete guide for every case. Preliminary matters Have you taken instructions from the client? Robust due diligence and effective transaction management depend on a clear grasp of the seller’s objectives and the proposed sale terms. Obtain full instructions, and clarify any elements of your brief that are unclear or out of the ordinary. Consider whether further specialist input is required; for example, planning advice where completion is conditional upon planning permission being secured. The table below sets out some of the principal points on which instructions should be obtained at the outset. This list is not comprehensive, and you may need to request information about additional...

These Flowcharts These Flowcharts offer direction on the proper method for completing the parts of a stock transfer form that address consideration, stamp duty certification, and execution. They are included within an annotated stock transfer form, which clearly sets out instructions explaining how its sections should be properly filled in...

Does the business maintain a due diligence policy that covers every party to a commercial relationship, including the company’s supply chain, agents, joint ventures, intermediaries, or any comparable or similar arrangement? Has this policy been rolled out and properly enforced in all of the markets in which the company trades and operates? See Precedent: Anti‑bribery and corruption policy The company must know who it is engaging with to carry out an effective risk assessment. It should use a due diligence information form that the contracting party completes and signs, so the due diligence information supplied can be reviewed and assessed by the company...

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Oswin v Otila; and Ondray Claim No ARB 032/2025 What was the background? This matter arose from a falling-out between Oswin (the Claimant) and Ondray (the Second Defendant) over how to run their joint venture company, Otila (the First Defendant). Oswin owned 49% of the First Defendant’s shares and Ondray 51%. The board could act only by unanimous vote, while shareholder resolutions required a 75% super-majority. When they were unable to agree on management and operations, the company became deadlocked. Their relationship was governed by a Joint Venture Agreement (JVA) dated 12 March 2019, which included an arbitration clause calling for DIFC-seated proceedings under the DIFC-LCIA Rules. The Claimant also operated a medical and hazardous waste facility under an Operations and Management Agreement due to expire on 21 August 2025. On 15 August 2025, the Claimant issued a Dispute Notice under clause 21.2 of the JVA, alleging that the Second Defendant was assuming strategic decision-making without proper authority—covering directions on renewal of the O&M Agreement, instruction of external...

On 24 March 2025, the Central Bank of Ireland (Central Bank) released its inaugural Insurance Quarterly Newsletter (newsletter) for 2025. It features several significant pieces for Irish (re)insurers, such as the Central Bank’s yearly Regulatory & Supervisory Outlook Report, discussion of asset‑intensive reinsurance, and updates to the Consumer Protection Code (with the Business Standards). The Regulatory and Supervisory Outlook Report The Central Bank published its Regulatory and Supervisory Outlook Report on 28 February 2025 (report). It set out the Central Bank’s perspective on principal trends and risks across the financial system and came with a Dear CEO letter describing the Central Bank’s updated supervisory approach. The newsletter draws out the report’s central themes, notably the Central Bank’s Supervisory Priorities for 2025. proactive risk control and leadership that puts consumers at the centre within firms ensuring firms remain resilient amid a difficult macroeconomic backdrop remediation of weaknesses in operating frameworks by firms effective change management within firms tackling climate change and progressing...

UK companies face uncertainties in cybersecurity regulation UK businesses remain unsure about forthcoming cyber security rules as lawmakers step up pressure on the government to bring forward the Cyber Security and Resilience Bill as soon as possible, following attacks on high-profile British companies. A draft is anticipated in Parliament within the next few weeks, yet the schedule could shift due to the recent ministerial reshuffle. When challenged by opposition politicians on 9 September 2025 and 10 September 2025, Labour lawmakers speaking for the government declined to give a firm date, stating that new legislation would arrive “when parliamentary time allows”. The Bill is intended to refresh the UK’s cyber security framework to align with the NIS 2 Directive. A policy statement from April 2025 indicates it would bring further sectors and their suppliers into the scope of mandatory regulatory duties, tighten oversight, and raise incident-reporting requirements. In the House of Lords on 10 September 2025, Conservative lawmaker Chris Holmes pressed ministers to confirm when the Bill would be...

Data security sits at the heart of the EU General Data Protection Regulation (EU GDPR). The sixth data protection principle—integrity and confidentiality—requires you to adopt suitable technical and organisational measures so that personal data is processed with appropriate security, including: protection against unauthorised or unlawful processing accidental loss, destruction, or damage This Practice Note reflects Data Protection Commission (DPC) guidance on personal data breaches under the EU GDPR, and also draws on guidance from the European Data Protection Board (EDPB). Data security requirements Article 32 puts practical detail behind the GDPR’s integrity and confidentiality principle. You must implement appropriate technical and organisational measures to achieve a level of security proportionate to the risk, taking into account: the nature, scope, context, and purpose of processing the risk of varying likelihood and severity for the rights and freedoms of data subjects Where appropriate, your security measures should include: the pseudonymisation and encryption of...

Introduction to Musharaka—a profit and loss sharing instrument of Islamic finance At the heart of Islamic finance lies the maxim ‘no profit without risk’, ie no person should realise a gain unless they bear some degree of risk. This concept is most clearly shown through the application of profit and loss sharing instruments. For further detail on this principle, see Practice Note: Key principles of Islamic finance. This Practice Note examines Musharaka, an Islamic finance technique originally founded on profit and loss sharing and broadly analogous to a conventional partnership arrangement. In straightforward terms, a Musharaka is a partnership customarily entered into by two or more parties, not necessarily for a fixed term, and most commonly for the purpose of undertaking a business venture. In a typical Musharaka, each participant makes a capital contribution to the venture and profits and losses are shared between them. A comparable Islamic finance arrangement premised on the same profit and loss sharing rule is Mudaraba, a special form of partnership in which only...

This Practice Note forms part of the Lexis+® UK Corporate private equity buyout transaction toolkit. Beyond choosing between a share sale and an asset sale structure, a range of matters should be weighed at the outset of a private equity buyout (MBO), before due diligence begins and the principal transaction documents are negotiated. These matters can influence the core commercial and legal terms, so each side is well advised to address them before settling any headline terms (and before executing heads of terms for both the acquisition and equity elements) and before fixing the transaction timetable. The topics outlined below (and in the Practice Notes referenced in this sub‑phase) may remain relevant throughout the deal, particularly during negotiation of the formal documentation, but they are highlighted early because lawyers for all interested parties ought to consider them and brief their clients as soon as possible. Corporate issues to consider Selected corporate law points are outlined below; applicability will vary with the nature of the deal and the parties...

Use this in conjunction with our Decision-making guide, which outlines our organisation’s approach to decision-making and explains why we have such a process in place. We recognise that colleagues make decisions at work every day. We do not expect you to follow the Decision-making guide and this framework for minor or operational business decisions, though some of the principles in this framework may prove helpful in day-to-day practice. The Decision-making guide and framework should be applied whenever a significant business decision is required, so that such choices are grounded in evidence and logic. A significant business decision is one that [ insert your criteria, eg may have a significant effect on our business, operations, staff, customers or external stakeholders ], eg [ insert examples eg a decision to proceed with a key project or business initiative, a decision relating to a complex situation or that is likely to have a commercial impact ]. The full criteria for a significant business decision is set out in the Decision-making guide. This framework...

Precedent ICT (information and communication technology) risk assessment and risk management plan This Precedent ICT (information and communication technology) risk assessment and risk management plan lets you record risks linked to any proposed ICT development and explain how those risks will be handled. It is pre-populated with examples, which you can easily delete if needed...

[ Insert organisation name ] is proud of how we conduct our business. Our Code of ethics sets out the standards and policies that govern our operations and applies to everyone. Please read the Code carefully, make sure you understand it, and use it to guide your work. If you have any queries about the Code or its application, please speak with [ insert contact details ]. 1 What is fraud? 1.1 In broad terms, fraud is a criminal act involving deception or theft to secure an advantage. 1.2 The failure to prevent fraud offence under the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) covers a wide range of fraud offences carried out for the benefit of our organisation, including: fraud by false representation fraud by failing to disclose information fraud by abuse of position obtaining services dishonestly participation in a fraudulent business false statements by company directors false accounting fraudulent trading cheating the...

File reviews Conducting file reviews signals that an organisation takes quality and compliance seriously. Reviews and audits yield meaningful data and statistics and, if issues are uncovered, the audit findings can be channelled into your risk register or other planning so remedial measures are enacted. Ensuring the right levels of supervision are firmly in place is essential. A Supervision policy can be valuable, clearly setting out supervision arrangements, including the following: file audits/reviews governance and reporting lines work allocation oversight of work case progression supervising correspondence outsourcing arrangements...

This Q&A Assumes that the protection cited in this query concerns the safeguard granted by paragraph 2 of Schedule 8 to the Building Safety Act 2022 (BSA 2022). The BSA 2022, Sch 8 makes provision for the payment or otherwise of certain service charge amounts connected to relevant defects in relevant buildings, as set out. In particular, BSA 2022, Sch 8, para 2 states that no service charge is payable under a lease of any premises in a relevant building in respect of any relevant measure relating to a relevant defect where a relevant landlord is responsible for the relevant defect, or is associated with the person responsible for the relevant defect. If it is established that BSA 2022, Sch 8, para 2 applies, no service charge is payable in respect of ‘relevant measures’...

A fundamental feature of any lease is that the tenant enjoys exclusive possession for the term. Refer to Commentary: Distinction between lease and licence: Hill and Redman’s Law of Landlord and Tenant [290]–[341]. The landlord has no general entitlement to enter the demised premises and must rely on an express right to gain access and undertake repairs. As stated in Commentary: Rights of entry to carry out works and recover costs: Hill and Redman’s Law of Landlord and Tenant [3569], ‘Clauses which expressly reserve rights of entry to the landlord for particular purposes will be strictly construed and the court will be reluctant to imply additional rights in the landlord’s favour. Thus a covenant allowing the landlord to enter demised premises to carry out works was held not to confer a right to enter to carry out works of improvement.’ See Yeoman’s Row Management Ltd v Boentien-Meyrick...