Lexcel and PII
Lexcel provides an excellent foundation for this. When working on proposal forms with our clients, Lexcel allowed them to clearly demonstrate to insurers that they had the policies, procedures and structures in place, to mitigate risk across the whole firm and across a whole range of scenarios, from cybercrime, money laundering, to supervision and risk management
Lexcel and Compliance
Firms can be confident that they have a single system that ticks all the boxes, providing greater confidence that there are no compliance gaps. Something not to understate, is that should a firm come into the crosshairs of a regulator, the Lexcel systems can help a firm mount an effective and robust defence against regulatory action. We have seen this on many occasions.
Lexcel and Strategy
Lexcel requires firms to develop a robust approach to strategic planning, setting objectives for the business, adapting to changes and exploiting opportunities that arise. Furthermore, Lexcel’s requirement for firms to develop and test business continuity plans has never been more necessary than during the past two years!
Lexcel and Information Technology
Information security, cybercrime and GDPR compliance are key areas for firms. The requirements of Lexcel force firms to examine and continuously monitor their security measures and reduce the risk of a major disruption.
Lexcel and Risk
Perhaps the most impressive aspect of Lexcel is its relentless focus on risk management. Law firms need to think strategically about risk, this approach, allied to sensible procedures, reduce the risk of firms suffering existential crises or excessive numbers of complaints, claims or a serious damage to the firm’s reputation.