What is “risk management”? >>
Risk appetite >>
Information management >>
Q I wanted to ask you what you think the over-used phrase “risk management” actually refers to. I thought it was preventing negligence claims, but some of the other partners were trying to tell me that was far too narrow. What do you understand it to be?
A Well, for a start, the others are right. I am afraid your view is typical of the old approach from many members of the profession but it won’t do any more.
Q Where can I find some indication of what it should cover?
A You could do a lot worse than to look at the new version of Lexcel, and the paperwork that goes with that. Particularly useful is the section at the end of the standard itself, which indicates where version four differs from its predecessor. That highlights a number of areas which would come within the phrase risk management. A lot of our previous conversations have covered various separate issues, but this will help you bind it all together.
Q How
