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 Modern Slavery Act 2015 compliance: risk management, supply chain due diligence and section 54 transparency reporting

Published by a LexisNexis Risk & Compliance expert

Practice notes

This Practice Note is directed at commercial organisations operating in the UK. It should be read alongside, and in tandem with, Practice Note: How to manage modern slavery and human trafficking risk.

Why you need to manage this risk

Modern slavery causes profound harm and suffering. Every business is urged to take proactive steps to ensure they are not complicit in such practices, whether deliberately or inadvertently. Beyond the ethical and moral imperative, MSA 2015, s 54 obliges large commercial organisations (those with total turnover of £36m or above) to prepare and publish, each year, an annual modern slavery and human trafficking statement. Non-compliance with MSA 2015 may prompt the Secretary of State to pursue an injunction in the High Court (or, in Scotland, civil proceedings for specific performance) compelling the organisation to comply. If the organisation then ignores the injunction, it risks contempt of court, which is punishable by an unlimited fine. A failure to publish a statement can also harm business reputation and create difficulties in commercial tender processes, as well...

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Web page updated on 27/05/2026

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