Jurisdiction(s):
United Kingdom

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,...

Pandemic business risk management for in-house counsel: governance, contracts, supply chain resilience, staff support and post-pandemic strategy

Published by a LexisNexis Risk & Compliance expert

Practice notes

The extent of the restrictions imposed by regulators or government will largely shape the risks your organisation must address during any pandemic. These constraints could be ‘light touch’ or, as witnessed with COVID-19, a stringent stance involving the forced closure of many businesses, curbs on travel, and rigorous social distancing. This guide to Risk management assumes a strict approach will be in place. Accordingly, you may need to adjust the suggested measures to fit the situation your organisation faces. Furthermore, this guide does not cover the exacting Requirements that regulators may impose on PLCs, financial organisations, Competition law, Advertising, consumer credit, etc, nor specialist areas of legislation such as employment, taxation, insolvency, or corporate law. Regulation concerning the public sector, alongside corporate accounting and finance, also lies beyond the scope of this risk management guide.

Why you need to manage this risk

The biggest issue for all businesses when faced with the risk of a pandemic is how to avoid going under...

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Web page updated on 21/05/2026

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