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Operational Risk RJ Hodkinson – IT & Operations Director.

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Presentation on theme: "Operational Risk RJ Hodkinson – IT & Operations Director."— Presentation transcript:

1 Operational Risk RJ Hodkinson – IT & Operations Director

2 About Irwin Mitchell Top 10 law firm established over 90 years ago Offices in Birmingham, Leeds, London, Newcastle and Sheffield Employing nearly 1800 people in the UK, IM has 750 fee earners and 82 partners In addition, Irwin Mitchell Abogados operates in Spain in Marbella and Madrid IM is a unique law firm. It provides a full range of legal services and consists of 5 principal divisions; –IM Business –IM Insurance Services –IM Personal Injury –IM Private Client –IM Asset Management

3 Strategic Risks Current heavy regulation Compensation culture Future deregulation - 2006/7 Market position & client capture Speed of innovation & access to capital

4 Operational Risk

5 Security Breach/Information Loss Reputational impact Prospect of loss of confidence and negligence claims Business or process knowledge leakage eroding USP Client loss Rating: M & M

6 Loss of key personnel Loss of intimate knowledge of the infrastructure and/or business systems Loss of skill business management particularly in a legal/partnership environment Rating: L & M

7 Ineffective business continuity plan Significant business interruption could damage reputation and ability to renegotiate contracts An action against IM for breech of contract if the outage was significant Missed key dates (LPE) Long term outage could be fatal to the business, particularly the volume services Rating: L & H

8 Computer system failure Would compromise service level arrangements and potentially put IM in breech of contract Loss of client contact and client capture Reputational loss Financial impact likely – billing and cash collection Rating: M & H

9 Poor financial governance Possible negative financial impact for the stakeholders May limit operational agility if IT investments consume cash inappropriately Limited ability to understand business value of IT based initiatives Rating: M & M

10 Email Misuse Firm and individual fee earner reputational loss Client/fee earner confidentiality compromised Virus infection a prospect Loss of operational efficiency by inappropriate use Knowledge leakage to competitors Rating: M & M

11 Poor document storage or document loss Negligence claim for losses Large admin costs to manage if poorly organised Slow document retrieval reduces service quality High storage costs if document destruction policy is inappropriate Rating: M & H

12 Inadequate IT strategy Loss of market share if complex solutions cannot be engineered Application performance could impact service to clients and case throughput Ability to recover from business interruptions effectively could be limited Stakeholder confidence if the strategy is not presence of does not support business ambitions Rating: L & M

13 Richard J Hodkinson

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