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,...

Risk Management Policy and Procedures: Roles, Identification, Reporting, Scoring (Matrix), Risk Register, Strategic/Operational/Regulatory Compliance Controls, Higher-Risk Customers, Business Continuity, Training, Monitoring and Review

Published by a LexisNexis Risk & Compliance expert

Precedents

1 Introduction

Risk management sits at the heart of how we work, and [ insert organisation’s name ] is dedicated to embedding effective risk control across the business—every colleague has a part to play in making this happen.
This policy explains:
1. what risk is;
2. our approach to managing risk;
3. who holds responsibility for risk;
4. our methods for spotting, Reporting and assessing risk;
5. our risk management policies and procedures;
6. details of risk training;
7. how we will monitor and refresh this.
It also includes our:
1. Risk scorecard (matrix)—see Appendix 1; and
2. Internal risk report form—see Appendix 2.

2 What is risk?

Risk is the chance of loss or another harmful or unwelcome result. It may involve financial loss, but it can also be less measurable, for example harm to reputation.
We group identified risks under three headings:
1. strategic risk—risks that could affect our survival or profitability;
2. operational risk—risks linked to our daily operations; and
3. regulatory risk—the risks arising from failing to meet regulatory duties...

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Web page updated on 22/05/2026

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