Aon | Professional Services
Release Date: December 2020
Professional service firms and the evolving face of conflicts and intake risk
The conflicts and intake function for professional service firms has been rapidly evolving in recent years. Historically, a lack of innovation in technology and a general undervaluing of the true benefits that effective conflicts and intake processes can bring to a firm, contributed to an extended period of slow development. As firms continue to respond to the changing impacts of a post-pandemic world, reviewing conflicts and intake processes is a risk management priority.
The evolution of conflicts and intake processes and procedures is being driven largely by the availability of more sophisticated and integrated software, accelerated global firm growth, and the shifting of client intake and conflicts reviews away from fee-earners to more specialized staff. The sudden appearance and ongoing impacts of COVID-19 have put additional pressure on firms due to the shift to remote working models and increasing financial pressure to secure new business.
Conflicts and intake procedures are a critical risk management checkpoint for a firm’s new business. It is imperative that firms identify necessary improvements to their current procedures, stay vigilant in understanding changes in their risk profiles and remain open to agile improvement opportunities.
Additional information about evolving best practices in the management of conflicts and intake risk is available in my article for InsuranceThoughtLeadership.com: COVID-19: A Catalyst for Key Reviews
To discuss any of the topics raised in this article, please contact Stuart Poole.
Vice President and Director