TOP TIP – Prepare your firm: A fraud risk monitoring framework doesn’t need to be complex to be effective

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. 

Click here to see our full list of dates and locations

TOP TIP – Prepare your firm: ‘No’ can mean ‘no data’ NOT ‘no risk’

TOP TIP – Prepare your firm: Increasing lender refusals based on environmental factors