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Risk management

A rigorous approach to risk management is essential to running a successful and sustainable practice. Firms face a wide range of risks including quality control, regulatory compliance, security of physical assets, fraud and other business crime, IT security and business continuity in the event of a natural disaster or the death or incapacity of a sole Principal.

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Client screening

Obtain client screening reports checking against global risk and compliance data, including government sanctions, Politically Exposed Persons, a wide range of watch lists and negative news profiles.
Request a screening report
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Professional liability

Exclusive Auditor Liability Limitation Agreements
  • Helpsheets and support
  • 19 Nov 2020
  • Technical Advisory Services
Technical helpsheet issued to help ICAEW members understand the background to, and purpose of, auditor liability limitation agreements and the procedures that need to be followed.
Exclusive Managing the professional liability of accountants: Illustrative wordings
  • Helpsheets and support
  • 14 Aug 2019
  • Technical Advisory Services
Technical helpsheet providing illustrative wordings in a limited number of cases for consideration by members in practice seeking to manage their risk of potential liability because of an act or omission resulting in financial loss.
Exclusive Practice Assurance compliance review
  • Helpsheets and support
  • 29 Nov 2023
  • Technical Advisory Services
Technical helpsheet and checklist designed to help firms to carry out a compliance review, ensuring a quality output with effective risk management.

Insurances

Professional indemnity insurance
  • Promotional material
  • 05 Apr 2022
Professional Indemnity Insurance, with exclusive benefits for ICAEW members, from Marsh Commercial.
Exclusive Fee protection insurance
  • Helpsheets and support
  • 01 Jan 2020
  • Technical Advisory Services
Technical helpsheet issued to help ICAEW members understand the options available to a firm wishing to provide access to fee protection insurance.
Exclusive Professional Indemnity Insurance
  • Helpsheets and support
  • 16 Sep 2022
  • Technical Advisory Services
Technical helpsheet issued to provide guidance to ICAEW members on Professional Indemnity Insurance (PII).

Regulations

Managing risk
  • Helpsheets and support
  • 21 Mar 2018
Based on their experience reviewing over 2,000 firms each year, the QAD offers advice on best practice in terms of managing risk.
Arrangements for incapacity or death
  • Helpsheets and support
  • 01 Jan 2009
Guidance for sole practitioners on finding solutions to the problems that might arise in the event of their incapacity or death.
Managing professional liability
  • Technical release
  • 05 Aug 2017
Guidance to help members manage their risk of potential liability because of an act or omission resulting in financial loss.

Quality assurance

Exclusive Practice Assurance compliance review
  • Helpsheets and support
  • 29 Nov 2023
  • Technical Advisory Services
Technical helpsheet and checklist designed to help firms to carry out a compliance review, ensuring a quality output with effective risk management.
Assurance
  • Hub page
  • 09 May 2024
These resources support practitioners and organisations looking to commission assurance services. They include examples of what assurance can cover and practical guidance on how engagements can be undertaken.

CPD and training

Continuing Professional Development (CPD) is an integral part of being a successful ICAEW Chartered Accountant. Find out about your annual CPD requirements and access a wealth of CPD resources.

More on professional and career development
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