Risk management and compliance

Compliance audit/risk management support

A compliance and risk management ‘health check’ is the first step towards establishing a compliant regime. We will identify any actual or potential regulatory issues or failings and devise solutions. We will also highlight risks that are causing or can lead to claims and complaints. Our aim is to address areas of non-compliance and assist in implementing improvements to systems or devising new ways of working to eradicate or reduce risk.

COLP and COFA support

Recording and reporting breaches is a key element of the COLP and COFA roles. We can provide suitable templates and audit trails, draft and review risk registers, collect and collate data and advise on material breaches. We have developed management information software and reports that reveal the sources and true cost of claims and complaints, allowing trends to be identified and addressed. These systems can give a graphic insight into a firm’s claims and complaints portfolio and capture relevant COLP and COFA reporting information. The system facilitates the quantification of the cost of non-compliance and poor systems, which can be a factor affecting profitability and influence future investment decisions. A dedicated helpline is available, providing access to advice on all client care, compliance, disciplinary issues and assistance to COLPs and COFAs who need a helping hand, a second opinion or simply some comfort that they are properly managing what can be difficult roles. We can also run practical workshops and seminars on client care, risk management, compliance issues and other topics linked to the firm’s business.

Audits

Auditing is a fundamental management and supervisory tool, helping to ensure legal and regulatory compliance. We can review your firm’s procedures and work with you to tailor them to your specific needs.

Our file auditing service can identify key risk areas which may give rise to breaches, claims or complaints allowing them to be addressed. Our findings can be provided via a suite of bespoke reports which identify trends and thus enable improvements to be made either by way of training or by refining systems and checks.

Internal accounts systems auditing provides independent and objective assurance that systems and controls for regulatory compliance are fit for purpose. We can assist in auditing existing procedures and devise new systems to promote financial hygiene.

Claims and complaints

With our extensive experience in dealing with professional indemnity claims for lawyers and their insurers, we offer an unrivalled service. We can advise on cost-effective and compliant complaints-handling schemes and provide objective advice leading to satisfactory and swift resolution of claims and complaints, or rectification of mistakes to avoid compensation being paid, or even a claim being made. We have considerable experience in dealing with complaints from the Legal Ombudsman (including advising on and taking cases to judicial review).

Outsourcing to the Compli team releases time to concentrate on developing and growing your business.

Disciplinary defence work

Compli’s disciplinary and representation services combined with our expertise in professional indemnity claims provides a “one-stop shop” for firms and individual lawyers under investigation by the SRA or BSB. Our experience and understanding of how regulators deal with these issues, informs the advice that we provide and optimises the prospects of a successful defence.

Training – in-house and e-learning

All staff require training on a range of regulatory and statutory areas, including the SRA Handbook, anti-money laundering, data protection etc. We can provide bespoke face-to-face training and a suite of e-learning modules.

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