Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Risk management definition

What does Risk management mean? In legal practice, risk management is the structured process by which organisations identify, assess, prioritise and treat legal, regulatory and operational risks, allocating resources to prevent, minimise, monitor and control them. It supports client protection, regulatory compliance and professional standards. The term is descriptive rather than defined in statute or case law, but specific laws require documented risk assessment and controls, for example: anti‑money laundering (UK Money Laundering Regulations 2017; Ireland’s Criminal Justice (Money Laundering and Terrorist Financing) Acts), data protection impact assessments (UK GDPR/EU GDPR and Data Protection Acts), and health and safety (HSWA 1974 and Management Regulations; Ireland’s Safety,...

COVID-19: UK and EU insurance regulation and supervision: operational, prudential, reporting and consumer measures; FCA business interruption test case

Published by a LexisNexis Financial Services expert

Practice notes

The swift worldwide transmission of coronavirus (COVID-19) and the measures introduced to curb infection are exerting a marked effect on the world economy and, in turn, the financial system. Insurers face pressures on both halves of their balance sheets; on the liabilities side due to shifts in interest rates and the potential rise in claims, and on the assets side from severe market turbulence and uncertainty. The industry is, in general, well capitalised, with advanced Risk management that should help the sector collectively absorb the material shocks linked to coronavirus. Insurance plays a vital function during a pandemic, offering essential protection and support for individuals, households and firms. Supervisors of insurance have enacted various regulatory and supervisory actions to ease significant operational burdens on insurers in the wake of the coronavirus outbreak and to allow suitable flexibility so insurers can prudently and effectively preserve safety and soundness while consistently delivering essential services to policyholders and the wider economy. authorities have likewise put in place steps to promote fair customer treatment, including transparent disclosure and prompt claims handling as COVID-19 evolves. To ensure customers receive adequate support during the pandemic, EU Member States and insurers have put in place a...

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Web page updated on 21/05/2026

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