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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. For more videos like this, visit https://uk.practicallaw.com/Browse/Ho...