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,...

UK financial services: in-house lawyers' guide to FCA/PRA authorisation and permissions, regulated and designated activities, exemptions, applications, variations, notifications, unauthorised business and enforcement

Published by a LexisNexis Financial Services expert

Practice notes

How to use this Practice Note

The terminology and meanings adopted in this Practice Note mirror those in the financial conduct authority (fca) Handbook and the Prudential Regulation authority (PRA) Rulebook (together, the Regulators). Entities that are authorised, or intend to obtain authorisation, are described in the Handbook and Rulebook as ‘firms’. For consistency, that label is used throughout this Practice Note. A complete definition of ‘firm’ appears in the FCA and PRA Glossary. This Practice Note is set out in two sections and will help you to:

determine whether your firm carries on a regulated activity and therefore needs authorisation or a variation to an existing permission
navigate the steps to secure authorisation or to lodge an application to vary an existing permission

The risk for in-house lawyers

The supply of financial services and products is no longer confined to banks and building societies. With a growing and intensely competitive marketplace, particularly in relation to consumer-related retail products, non-banking institutions may now carry on a regulated activity without holding the requisite authorisations. As the delivery of financial services and the regulated market...

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Web page updated on 22/05/2026

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