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Legal and Conduct Risk in the Financial Markets, 3rd Edition by McCormick, Roger; Stears, Chris (22nd March 2018)

Part IX Legal and Conduct Risk Management, 30 Lawyers’ Responsibility for the Management of Legal and Conduct Risk

Roger Mccormick, Chris Stears

From: Legal and Conduct Risk in the Financial Markets (3rd Edition)

Roger McCormick, Chris Stears

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 23 October 2019

Subject(s):
Credit risk — Financial regulation — Regulators

The importance of managing legal risk effectively has increased following the recent financial crisis. As the modern regulatory regime for financial markets (global and domestic) continues to evolve, legal risk management techniques must evolve with it. The pressure to attach more importance to ethics and culture within financial institutions will also have an effect on how lawyers do their job. Rightly or wrongly, the responsibility for checking that proper governance principles are observed is bound to fall on their shoulders to some extent. This chapter discusses the role of lawyers and the legal department in legal risk management, opinions and similar documents, document retention, and clarity of lawyer roles.

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