Industry Risk Overview
The nature of allegations of errors and omissions against professional services’ firms has changed little over time, essentially the same ones are being made today as thirty years ago, and business activities such as mergers and acquisitions remain the biggest area of potential concern. However, the marketplace itself has changed and continues to do so at pace, forcing professional services firm to retain their focus on the fundamental principles of good governance and due diligence.
Technology is transforming all aspects of professional services, with digital becoming the norm and in sectors such as architects and engineers the development of new building materials and techniques and the interconnectivity of smart systemsare opening up new areas of risk. At the same speed the trend to litigate first is adding fuel to ever increasing social inflation.