A Glasgow trainee solicitor has become the first winner of the Innovation Cup for risk management.
Daryl Jarvis today collected the trophy for the new competition run jointly by Law Society of Scotland, Master Policy insurers RSA and brokers Lockton, which invited legal professionals and law students to share their ideas for risk management processes and strategies.
The Innovation Cup acknowledges the risks and responsibilities shouldered by private legal practices on behalf of their clients and aims to inspire new risk management solutions from within the profession. Mr Jarvis's winning entry provides a means to register risks and information centrally within an organisation to inform their risk management processes. His tool is flexible enough to be adapted to individual requirements and uses existing software, which makes it low cost and easy to implement. It will be made available to use by private practices.
Along with his trophy, Mr Jarvis also received a £1,500 cash prize provided by RSA at a presentation at the Society's offices in Edinburgh today.
Entries were judged by two members of the Society's Insurance Committee, three representatives from RSA and one representative from Lockton.
Committee convener Murray Etherington commented: “Risk management is at the very heart of maintaining a strong and robust Master Policy for the profession.
“The Insurance Committee are dedicated to a rigorous risk management programme and the Innovation Cup is our latest creation to bring risk management to the forefront of all practitioners' minds, inspire new ideas and sharing of existing practices, with the ultimate goal of improving strategies across the legal profession.”
Edward Ambrose, RSA’s Scotland regional manager, added: “We were very impressed by Daryl’s risk tracker. It offers an affordable, adaptable and user friendly solution for organisations to log, evaluate and escalate risks. My congratulations and thanks go to Daryl for this excellent design.”