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You need a Matter Risk Assessment Form to systematically evaluate and document potential risks before your law firm accepts a new client matter. This essential risk management tool helps you comply with New Zealand's regulatory framework while protecting your practice from financial, regulatory, and reputational risks.

When do you need this document?

You must complete this form at the beginning of every new client engagement, regardless of the matter's size or complexity. It's particularly crucial when taking on new clients you haven't previously represented, handling matters involving significant financial transactions, or working in high-risk practice areas such as property transactions, corporate mergers, or litigation. The form is also required when existing clients bring new matters that differ significantly from previous work, when there are changes in client ownership or control structures, or when you're working with clients from high-risk jurisdictions. Many law firms also use this assessment when reviewing existing matters annually or when circumstances change significantly during an engagement.

Key legal considerations

Your Matter Risk Assessment Form must address several critical legal areas to ensure comprehensive risk management. Client due diligence requirements under the AML/CFT Act demand thorough identity verification and ongoing monitoring procedures. You'll need to document conflict checking processes to avoid breaching professional obligations under the Lawyers and Conveyancers Act. The form should assess matter complexity, including technical legal issues, resource requirements, and expertise needed within your firm. Financial risk assessment is essential, covering fee arrangements, client payment capacity, and potential exposure to costs orders. Privacy considerations under the Privacy Act 2020 must be addressed, particularly regarding how client information is collected, stored, and used. You should also evaluate reputational risks, including potential media attention or regulatory scrutiny that could affect your practice.

Legal requirements in New Zealand

Under New Zealand law, your risk assessment must comply with specific regulatory requirements. The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 mandates customer due diligence procedures and ongoing monitoring for suspicious activities. The Lawyers and Conveyancers Act 2006 requires you to maintain professional standards and implement adequate practice management systems, including risk assessment procedures. The Privacy Act 2020 governs how you collect and handle personal information during risk assessments, requiring appropriate consent and security measures. For matters involving financial services, the Financial Markets Conduct Act 2013 may impose additional obligations. Corporate matters must consider requirements under the Companies Act 1993, particularly regarding director duties and shareholder protections. Your assessment should document compliance with these laws and identify any additional regulatory obligations specific to your practice area or client circumstances.