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Conducting a Firm-Wide Risk Assessment

A firm-wide risk assessment (FWRA) is the backbone of a law firm’s AML framework—but in many practices it is either generic, outdated, or sits on a shelf. This course gives leaders and compliance teams a clear, practical roadmap for designing, documenting and maintaining a FWRA.

Online, self-paced learning

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Customised learning path for each user

Identifies and addresses knowledge gaps

Measures actual competence, not just activity

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Course Overview

A firm-wide risk assessment (FWRA) is the backbone of a law firm’s AML framework—but in many practices it is either generic, outdated, or sits on a shelf. This course gives leaders and compliance teams a clear, practical roadmap for designing, documenting and maintaining a FWRA that genuinely reflects the firm’s risks and drives better decisions. Learners see how a strong FWRA underpins client and matter risk assessments, resource allocation and regulatory confidence.

Who Should Take This Course

Managing partners, COLPs, COFAs and MLROs

Heads of department and team leaders with AML or supervisory responsibilities

Risk, compliance and internal audit professionals in law firms

Senior operations, finance and onboarding managers involved in firm-wide controls

What You'll Learn

  • What a firm-wide risk assessment is and how it fits into the overall AML framework
  • Why a FWRA is both a legal requirement and a practical management tool, not a one‑off tick-box exercise
  • Core elements of a robust FWRA: services offered, client base, sectors, jurisdictions, delivery channels, and culture/controls
  • How to distinguish inherent, mitigated and residual risk at firm level
  • Roles and responsibilities of senior management, COLP, MLRO and practice leaders in owning the FWRA
  • A step-by-step approach to conducting and updating a FWRA, from data gathering through to action planning and review
  • How to use external guidance (SRA/Law Society alerts, national risk assessments, regulator trends) to benchmark firm risk
  • A scenario example of a firm expanding into new practice areas and jurisdictions, and how its FWRA drives changes in controls and training
  • Key documentation expectations: showing rationale, stakeholder input, links to policies, action owners and review dates
  • Common pitfalls (generic templates, lack of engagement, stale documents, missing board approval) and how to avoid them
  • How to make the FWRA a living document that informs everyday decisions about clients, services and investment in controls

Key Learning Outcomes

By the end of this course, learners will be able to:

  1. Explain the purpose of a firm-wide risk assessment and how it underpins all other AML controls.
  2. Identify the core risk factors that must be considered when assessing the firm’s overall exposure.
  3. Distinguish between inherent, mitigated and residual risk at firm level and record this clearly.
  4. Define who is responsible for the FWRA, and how to involve partners, team leaders and operational staff.
  5. Apply a structured process for conducting, documenting and updating the FWRA, including data gathering and risk mapping.
  6. Link FWRA findings to concrete actions—strengthened controls, targeted training, and changes to client/matter acceptance.
  7. Avoid common FWRA pitfalls and demonstrate effective board-level oversight to regulators and auditors.

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Why this course matters

Regulators frequently ask to see a firm’s FWRA first, and increasingly challenge whether it is tailored, current and genuinely used. A credible FWRA is now a leadership responsibility and a foundation for risk-based compliance. This course equips senior teams to turn the FWRA into a practical, strategic tool—one that anticipates emerging risks, supports higher‑risk business decisions, and anchors a culture of continuous improvement.

Global Clients:

Please email for buying assistance: hello@denkenknowledge.com

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What people say

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Frequently asked questions

Have a look at most frequently asked questions.

Is there a minimum or maximum team or class size?

Denken is designed to support teams or classes of any size, whether you’re a small firm or a large organisation. There’s no minimum or maximum: we adapt to your needs.

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Yes, you can pay for our courses and series of modules via Invoice. Please use the Contact form to make an enquiry, and we will email over an invoice when you're ready. Please note, we do not accept purchase orders as a payment method.

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Is there Client and Learner support available?

Yes, we are here to help every step of the way, both as a client and a learner using our platform.

How do I access course materials?

Course materials can be accessed through our platform dashboard once you or your learners have been enrolled. Each learner will receive a Welcome Email with full instructions.

Can I get a refund for a course?

You may cancel your course booking at any time before payment has been made by emailing us at hello@denkenknowledge.com. Once you have accessed your course on our platform no refunds will be made.

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