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,...

How to prepare a risk management submission for law firm PII renewals: triggers, contents, claims analysis and supporting evidence

Published by a LexisNexis Practice Compliance expert

Practice notes

Completing a professional indemnity insurance (PII) proposal form is a time‑consuming exercise and demands assembling a large volume of information about your practice. On its own, though, it may not give you an adequate platform to present your firm to the market.

Considering that PII often ranks among your largest single expenses, there are times when producing a compelling presentation for insurers more than repays the time invested. This Practice Note explores whether you should include a risk management submission within your renewal presentation and its likely contents.

Should you include a risk management submission?

You should consider adding a risk management submission to your renewal if your practice:

has a poor or below‑average claims record (by number and/or value of claims)
has recently completed, or is about to undertake, a restructure or merger
has seen a recent shift in risk profile, eg adding new practice areas, a significant rise in fee income, or other major changes
has been the subject of regulatory investigation
is looking to move to a different insurer, or
has never...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 21/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...