A rigorous approach to risk management is essential to running a successful and sustainable practice.
Firms face a wide range of risks including quality control, regulatory compliance, security of physical assets, fraud and other business crime, IT security and business continuity in the event of a natural disaster or the death or incapacity of a sole Principal.
Quality assurance
Practice Advisory Services
Practice Advisory Services provide expert advice and consultancy services on regulatory compliance issues, as well as all aspects of practice management and development.
Practice Assurance compliance review and checklist
The Practice Assurance compliance review and checklist - PAS4/HS01 (Updated October 2010) provides a commentary on a wide range of issues raised by the Practice Assurance Standards – Laws Regulations and Professional Standards, Client Acceptance and Disengagement, Competence, Quality Control. The helpsheet includes a checklist to help practitioners with a systematic and critical review of their firm's compliance with aspects of Practice Assurance.
Insurances
PII
Professional indemnity insurance review - PAS4/HS13 provides a standardised format for reviewing details of Professional Indemnity Insurance cover.
Practice insurances
Practice insurances - PAS4/HS12 provides a tool for reviewing your practice insurance requirements and establishing a comprehensive record of the cover held.
Fee protection insurance
This helpsheet reviews the main issues concerning Fee Protection Insurance and provides information about a number of schemes that are currently available.
Business services
A suite of products catering for your business requirements.
Managing professional liability risks
Managing professional liability risks - PAS2/HS03 provides guidance to members in practice seeking to manage their exposure to liability risks that may arise in respect of future alleged negligence for professional service to a client.
Auditor liability limitation agreements
Auditor liability limitation agreements explains the background to and purpose of auditor liability limitation agreements (LLAs) and what procedures need to be followed.
CPD and training
All firms need to ensure that their principals, staff and subcontractors are competent to carry out their work.
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