Professional liability insurers require law societies to appoint independent auditors,who conduct annual audits of law firm trust accounts to ensure that clients' trust funds are being utilized properly by the lawyers and the firm.What activity and its corresponding step in the legal risk management process would a legal risk manager most likely indicate are represented in these circumstances?

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These circumstances represent the initial step in the legal risk management process, which is identifying legal risks. The appointment of auditors to conduct annual audits of law firm trust accounts is a proactive measure to identify and mitigate potential legal risks related to a firm's mishandling of client trust funds. Thus, the legal risk manager would likely indicate that identifying legal risks is represented in these circumstances.

Professional Liability Insurers Require Law Societies to Appoint Independent Auditors,who