Released earlier this week, the SRA’s Risk Outlook provides a comprehensive insight into the key risks that conveyancers are exposed to – namely posed by fraudsters.
Whilst cybercrime is a risk which legal professionals are likely to be familiar with, its importance should not be underestimated. Instead, as highlighted by the SRA’s Chief Executive, Paul Philip, it is an issue which conveyancers should constantly be alert to.
‘…Challenges such as keeping information safe, cybercrime and compliance with anti-money laundering regulations do not go away and need your constant attention.’
Although the industry may have acknowledged the importance of tackling these issues, it’s essential that professionals know how to respond in the most appropriate way. Without the right understanding and awareness of the risk, firms are unable to recognise when they are being targeted and will suffer as a result.
Now is the time for solicitors to be vigilant, and make sure that their due diligence and compliance policies are up-to-date.
Are you keeping on top of the risk?
Protection of client money was recently highlighted as a priority risk in the SRA’s new Risk Outlook for 2017/18. Looking at recent trends, they reported that “Friday Afternoon Fraud” will commonly target conveyancing funds. In order to ensure that security is at its highest level, it’s essential that prevention strategies are taken seriously and checks are adopted on a wide-scale basis.
Referencing a significant number of instances where email modification fraud has been used, the SRA advises considering the use of Lawyer Checker to verify that the bank details for a third party law firm are genuine.
How do you know if you’re doing enough?
Set to deliver focussed guidance on the Risk Outlook, Lawyer Checker’s Paul Tucker will be teaming up with Helen Glaze from Legal Eye to host a webinar on 1st August 2017.
Covering all you need to know about how the Outlook affects both you and your practice, the webinar will provide practical expert advice and specialised knowledge.
In addition to ensuring that you’re complying with the latest regulatory requirements, Paul and Helen will highlight the most current risks and how you can be protected against them.