4 ASIAN LEGAL BUSINESS – OCTOBER 2023 WWW.LEGALBUSINESSONLINE.COM BRI EFS DENNIS FUNG, chief operating officer and chief financial officer, Simmons & Simmons (Asia) In the complex legal landscape we navigate a multitude of risks daily across our Asia offices. - Conflict of interest: Transparency is key, with our policy mandating the prompt disclosure of any personal conflicts of interest, ensuring decisions prioritise clients. - Confidentiality: Client confidentiality is paramount. Our strict guidelines protect sensitive information, disclosed only when mandated by law. - Whistleblowing: A culture of openness prevails, with our whistleblowing policy empowering prompt reporting of unlawful conduct without fear of reprisal, fortifying our firm’s integrity. - Anti-money laundering: Unwavering commitment to anti-money laundering regulations assures clients of diligent transaction handling. - Sanctions: Stringent compliance with sanctions safeguards our reputation and clients’ interests. - Anti-bribery and corruption: We secure business through legitimate means, adhering to anti-bribery and corruption laws worldwide. - Anti-facilitation of tax evasion: Our zerotolerance stance shields against tax evasion, ensuring unwavering honesty and integrity. - Mandatory disclosure: Proactive reporting of relevant arrangements to tax authorities underscores our commitment to transparency. KENNETH GOH, head of risk and compliance, Dentons Rodyk It is critical for us as risk management cuts across nearly all aspects of our firm. From our practice areas to non-practice areas such as IT, human resource, finance and office administration, there are risks, which can result in reputational damage, financial loss, and civil or criminal liability, or professional liability. While the firm has a dedicated risk and compliance team, a firm-wide risk management approach is adopted. There are specially assigned senior partners in the firm, who, together with the chief operating officer, assist the risk and compliance team in dealing with risk management issues. Big-picture risks include: - Money laundering and financing of terrorism: Risk of inadvertently facilitating an illicit transaction is a pervasive risk, and one that must be mitigated by careful client due diligence measures on an ongoing basis. - Sanctions: Non-compliance with sanctions can have serious repercussions. Our anti-money laundering and financing of terrorism policy covers this risk and explains the steps required for compliance with all relevant sanctions regimes. - Cybercrime: Technology is a double-edged sword. The way we work has changed immeasurably for the better because of technology. Yet, it also presents opportunities for bad actors, e.g., through malware or phishing, to gain access to confidential or price-sensitive information. - Data breaches: The risk of disclosing personal data of clients or staff to a third party can happen easily as all it takes is an email with personal data or other sensitive data inadvertently sent to wrong recipient. - Inability to operate in emergencies or disasters: It would be calamitous if we are unable to continue operating because of a natural disaster or other emergency. A business continuity plan is essential to ensure our firm can continue operations. ABHISHEK AMAL SANYAL, chief risk, audit and compliance officer, Khaitan & Co As a type of professional services firm, law firms FORUM TAKE NO CHANCES With threats, including cyber-attacks and data breaches, on the rise, law firms have become increasingly aware of the strategic benefit of internal risk management. Risk management leaders share with ALB on what their firms’ priorities are when tackling potential pitfalls. HOW IMPORTANT IS THE INTERNAL RISK MANAGEMENT FUNCTION IN YOUR FIRM? WHAT ARE THE BIG-PICTURE RISKS CURRENTLY TOP OF MIND OF YOUR INTERNAL RISK MANAGERS? DENNIS FUNG KENNETH GOH ABHISHEK AMAL SANYAL
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