As our Risky Business Roadshow continues, Graham Reid, Legal Director at Reynolds Porter Chamberlain (RPC) explains why your firm needs to develop a framework for monitoring and scoring fraud risk:
“Fraudsters spend a great deal of time selecting and watching their targets for hacking and Friday afternoon scams. If you want to beat them, your law firm should consider developing a framework for monitoring and scoring fraud risk on transactional work such as conveyancing. Done properly, this can trigger risk-responsive steps intended to safeguard client funds and reduce the chances of a claim on your PI cover.
The framework could be as simple as a checklist or as complex as multi-branched flow-chart with risk scoring. Above all, what really matters is that you have a system for capturing the experience in your firm and distilling it into key risk lessons for all fee-earners.”
Join us for our Risky Business Roadshow to find out more
Graham Reid will be part of our guest speaker line-up at our Risky Business Roadshow events this November, which will explore how firms can better protect, prepare and promote their businesses.