Managing Risk: What you need to know
MacRoberts' Head of Risk, Phil McCrossan, explains what businesses should consider in their approach to risk management.
In the current economic landscape filled with uncertainty, there is a clear need for firms to have in place effective risk management processes to provide them with a resilient base from which to operate.
Businesses need to be not only aware of their weaknesses so that they can introduce compensating controls to mitigate the risks that they face, but also be able to find and act on areas where they can find a competitive advantage.
At MacRoberts, we adopt and advise on an enterprise risk management (ERM) approach to understand, analyse and address risk. This is a joined-up approach to not only managing risk across an organisation and its extended networks, but for identifying opportunities as well.
ERM provides a holistic, non-siloed view of risk within a firm; allows for exploiting opportunities as well as managing risk; helps to create an embed a risk-aware culture within a firm; and builds an organisation's overall resiliency.
MacRoberts' risk consultancy service would benefit those companies that are looking to increase their overall resiliency to external and internal issues.
This would be particularly useful for expanding SMEs who need more robust governance frameworks to satisfy key stakeholders such as management boards, shareholders and external parties such as banks, lenders, customers and strategic partners.
The consultancy work offered could include a range of dedicated risk management services covering:
How do you think about risk in your firm? Do you consider and report on Strategic, Business, Financial, Operational and Conduct risk?
Do you look to turn risks into opportunities to gain competitive advantage?
How resilient is your business? What information do you use to show this?
What coping mechanisms do you have in place for the loss of people, premises, technology and suppliers? Have you tested them for effectiveness?
Is risk management embedded throughout your organisation?
Do key decision makers within the organisation get regular risk reporting?
What are the main assets of your firm and how do you protect them?
Do you have a response plan in place if you were to fall victim to a cyber attack? What key people within your firm would you go to? Who would you contact externally?
In 2016, we became one of the first law firms in Scotland to become Living Wage accredited employers.
Winners of Corporate & Commercial Team of the Year and Family Law Team of the Year at the Scottish Legal Awards 2020.
Our Real Estate team won the Property Team of the Year Award at the British Legal Awards in 2018.
Winner of SME of the Year at the Scottish SME Awards 2017, hosted by Scottish Business Insider.
Highly Commended for Commercial Team of the Year at the British Legal Awards 2016.
We are a proud member of the Legal Sustainability Alliance, a network of law firms committed to working collaboratively to reduce our environmental impact
In 2019, MacRoberts achieved Cyber Essentials Plus certification, a UK Government entry-level information security standard.
MacRoberts holds the ISO 9001:2015 certification for Quality Management, the most widely recognised quality management system standard in the world.
MacRoberts holds the ISO14001:2015 certification for Environmental Management, demonstrating our ongoing commitment to environmental awareness.
MacRoberts holds the ISO27001:2013 certification for Information Security, an internationally recognised security gold standard.
Business continuity is a critical element of the Business Management System at MacRoberts and we hold full accreditation with the ISO 22301:2012.
MacRoberts is a member of IP Inclusive, a network of intellectual property professionals working to make our community more equal, diverse and inclusive.
We are active members of the PRIME Programme – an organisation that focuses on ensuring a career in law is open to talent from all economic and social backgrounds.
MacRoberts supports the Scottish Business Pledge, a values-led partnership between Government and business that is based on boosting productivity and competitiveness through fairness, equality and sustainable employment.
We are supporters of the Partnership for Change, a network of organisations and individuals who share a common ambition to improve diversity on boards and in senior leadership.
MacRoberts is a Disability Confident employer, and are committed to disability equality across our firm.
MacRoberts fully supports flexible working practices and supports family-friendly working practices.
MacRoberts became a member of the Stonewall Diversity Champions Programme in 2018.
MacRoberts is a longstanding member of Scotland Food & Drink, the leading trade association for Scotland's food and drink industry.