Latest Intapp risk management survey suggests UK law firms are the most paranoid
Intapp, a provider of information security and risk management software for law firms, just announced the publication of the 2014 Law Firm Risk Survey. Four reports are now available, each presenting results from a specific geography, including the United States, United Kingdom, Canada and Australia. Over 2,300 professionals from leading law firms were invited to participate.
Produced by the Law Firm Risk Roundtable program and sponsored by Intapp, the Law Firm Risk Survey provides statistical information and commentary about the top priorities and concerns for law firm risk, IT and management stakeholders. The reports are designed to provide insight into how firms in each country are addressing key issues such as regulatory compliance, information security and confidentiality requirements, outside counsel guidelines, and new business acceptance.
Some of the trends identified in the 2014 Law Firm Risk Survey include:
· Law firms have been making significant investments in risk management. The trend is particularly striking in the UK, where 83% of firms responded that they had a dedicated risk management budget, up from only 45% in the 2012 survey. In Canada, 42% of firms reported having a dedicated risk management budget. Those firms that lack a dedicated risk budget typically draw resources from other departments, such as IT and finance.
· Information security and conflicts are ranked as the top risk management priorities for firms worldwide. Information security was the most frequently mentioned priority by a large margin in the UK, where 50% of respondents cited it as their top concern. In the US, 37% identified information security as their No. 1 priority, followed by conflicts management, which was the top concern for 22% of respondents. Meanwhile, in Canada, nearly 60% of respondents identified conflicts as their top risk management priority.
· Client-driven audits are becoming increasingly common, indicating a steady trend since 2012. Approximately 50% of respondents in the US and Australia indicated that their firm’s risk and security practices have been subject to an external audit, either by a client or regulatory body. Most client audits are performed by financial services entities in these countries.
“The 2014 Law Firm Risk Survey results offer a multifaceted view of the current risk management landscape. From information security and conflicts to outside counsel guidelines, today’s risk and compliance teams are under significant pressure to manage a wide range of client-driven requirements. This underscores the importance of a more holistic approach to new business acceptance – selecting clients and evaluating new matters with a 360° view of the firm’s business, and closely managing all the requirements attached to individual matters throughout their lifecycle,” said Pat Archbold, Vice President of the Risk Practice at Intapp.
Further information about the 2014 Law Firm Risk Survey is available at www.riskroundtable.com/surveys
BACKGROUND: The Law Firm Risk Roundtable program is designed to bring together a mix of law firm risk management and related professionals, including general counsel, loss prevention partners, risk management partners, senior conflicts/records managers and IT leadership. The Risk Roundtable produces the Law Firm Risk survey, as well as networking events and webinars designed to foster cross-functional dialogue and a better understanding of common problems and trends. Participation is by invitation only and is limited to qualified organizations and individuals. For up-to-date industry risk news, see the Law Firm Risk Management Blog.