Legal Risk in Financial Services

Legal risk is a big issue for financial services. Over the past 5 years, losses related to legal risk add up to hundreds of billions of pounds.
But legal risk hasn't always been such a hot topic. Legal risk management has emerged slowly as a risk discipline since 2003. And only in the last 4 or 5 years has it begun to gain real traction.
Matt Whalley and Steven Francis, from EY, and FBN Bank's Simon Nasta explore the following questions:
-- What legal risk is.
-- Who's responsible for managing it.
-- How the role of the in-house legal team is evolving to cope with it.
-- How to deal with overlap across different risk functions.
-- The role of legal in the 'three lines of defence'.
-- The FCA's consultation on the GC's role within the senior managers regime.
-- The potential erosion of GC privilege and its implications.
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