Identifying and managing risk are at the core of an effective approach to compliance. You are required to have effective processes and procedures in place and be in a position to demonstrate how you are addressing regulatory requirements. You should have transparent systems and a clear audit trail for the SRA to follow. Ongoing monitoring, analysis and assessment of risks facing your business should be a fundamental part of the management of your firm.
Legal Compliance Services provides you with a comprehensive compliance service. We identify exactly where your firm requires improvement and then produce bespoke, practical systems and procedures that complement and enhance your existing structures to ensure all requirements of the SRA Standards and Regulations and associated regulatory obligations are fully addressed. We give advice on getting the most from the systems and how to best review them. Many of our clients find that this comprehensive approach to compliance and risk management makes them a more attractive proposition to professional indemnity insurers.
All of our consultants are former practicing solicitors and SRA experts on compliance and risk management. They have all provided hands-on compliance solutions to hundreds of law firms of all types and sizes and have worked on the development of SRA regulations. They are therefore ideally qualified to provide you with bespoke advice and compliance systems that are efficient and cost-effective and fully meet the SRA’s requirements.
Whether you are a new law firm or you are looking to improve and consolidate the approach to compliance across your firm, our experts will carry out a comprehensive assessment of the compliance risks facing your firm, and report back to you on your firm’s specific requirements and any shortfalls identified.
Where no or insufficient compliance systems, policies and procedures are in place, we create a bespoke ones for your firm and give advice on how they should be implemented.
Areas covered include:
- the obligations of the COLP and COFA
- client care
- complaints
- conflicts of interest
- business and financial management
- accounts
- data protection
- outsourcing
- information and communications technology
- supervision
- training
- anti-money laundering
- fraud prevention
- Bribery Act requirements
- investment business
- regulatory reporting requirements
- monitoring and review of compliance
