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Risk Management

Risk management is an all-encompassing expectation of a law firm and both the Solicitors Regulation Authority and Professional Indemnity insurers expect firms to operate a structure that is sensitive to risk and is capable of identifying and addressing issues as they arise and where possible avoiding them.

Risk is not just about Anti Money Laundering and stretches much further into a firm and when firms undertake their annual risk assessment (a regulatory requirement) they should take this opportunity to expand their review in to all aspects of the firm and its management to identify, address, avoid and minimise risk whenever they can.

Find out more

For more information about our Compliance Services you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk. You can also download our Compliance & Regulation Services brochure by clicking on the link below.

How We Help

The Strategic Partner work with both UK based and global firms to establish a robust risk management strategy which is clearly set out and documented providing the necessary requirements for regulation but also Insurer expectation on how the firm managed the risk in the firm.

Our Risk Management Services

Our risk management process provides firms with an independent assessment of risk management and ensures they are able to actively demonstrate a positive management culture when it comes to risk management and controls. - Read our article regarding Risk Management and PII renewals

We have offices situated in and around the United Kingdom, with our head office based in central London. 

Our Risk Management services tend to focus on:

  • Firm review to analyse and identify risk and implement policies and procedures to minimise or remove risk
  • Annual risk reviews (increased frequency if needed) for both AML and regulatory purposes
  • Identifying the high risks in the firm and training staff on how to identify and address them
  • Training staff on risk, what constitutes high risk, how to identify it and what to do
  • Working with Managers and Owners to handle and manage risk on an ongoing basis
  • Implementing a robust reporting structure enabling risk issues to be shared with the compliance officers
  • Maintaining risk registers and managing them with or for the firm and their staff
  • Liaising with Insurers to demonstrate risk management techniques to assist with renewals and premiums
  • Risk Assessments and file audits as required either annually or as needed
  • Risk reporting to the partners with reports written to be used for compliance and insurance purposes if needed

Compliance and Regulation Services

Codes of Conduct

Specialist services designed for law firms, to assist with all areas of regulation, inc, COLP & COFA.

Anti-Money Laundering

We will work with your firm to ensure it has a full understanding of the requirements of the AML and related legislation.

Firm and File Audits

We have the expertise to provide firm wide audits and regulation advice across all areas of the practice.

New Law Firm & ABS Applications

We assist individuals and firms with making new law firm and ABS applications for all structure types.

Risk Management

At The Strategic Partner we work with law firms to establish a robust risk management strategy that covers both insurer and regulatory obligations.

Complaint Management

Our complaint management service provides firms with an effective outsource solution that enables complaints to be addressed quickly, with impartiality and resolved in the most effective manner..

Compliance Management

Our services ensure that a firm’s compliance officers can achieve peace of mind knowing that the policies and procedures adopted by the firm ensure the firm is compliant and that it will stay compliant.

Compliance Administration

The Strategic Partners Compliance Administration Service was developed at the request of our member law firms.

SRA Investigations

If your firm expects or has received a notification of investigation or the SRA have arrived at the firm our team are available to assist you.

SRA Interventions

If your firm expects or has received a notification of investigation or the SRA have arrived at the firm our team are available to assist you

Solicitors Disciplinary Tribunal

Whether you have received notification of investigation or the investigation has been concluded and a referral to the Solicitors Disciplinary Tribunal has been made it is advisable to seek expert advice and guidance.

Professional Indemnity Renewal

We work with both the Insurers and law firms providing risk guidance and risk reviews that are used for the purpose of the insurers considering the risk and premiums and in more serious cases whether to offer renewal terms.

Office Procedures Manual

We work with firms to create and maintain their office manuals, including firms with or without Lexcel and other quality kitemarks such as CQS, WIQS and legal aid franchises.

Procedure & Documents Drafting

At the Strategic Partner we work with firms to ensure they have documentation that is bespoke to them and reflects what they do in practice.

Training & Development

The Strategic Partner have developed training which can be delivered to firms and their staff to ensure there is a full and thorough understanding of the issues that firms face when managing risk and compliance and what their role is.

Partnership & Shareholder Agreements

We can assist with drafting and agreeing new partnership and shareholder agreements, reviewing and renewing existing agreements and partner and director disputes.

Succession & Exit Plans

The Strategic Partner can work with firms to develop succession and exit plans that achieve the goals of the current partners, further develop training and mentoring of future the Partners.

Orderly Closure of Law Firms

The strategic Partner works with firms to ensure that closure is undertaken on an orderly basis and where that is simply not possible due to sudden or financial issues, we will work with the firm to minimise negative impact wherever possible.

Data Protection & GDPR

Due to the nature of how law firms operate, the management, control and protection of data is an essential element of a firm compliance and regulation strategy.

Membership

Our membership provides firms with a range of benefits, discounts, updates and interaction all focussed on bringing value to your firm.

For more details on each of the compliance services we provide please click on the links below.

 

We provide both packaged and individual solutions that directly add value into the firms we work with. You can download brochures on these services below:

Enquiries

For more information about our Regulation and Compliance service you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk.

Let's talk about how we can help

Get in touch - call us on 0203 911 9710 or complete the form.
Tell us what you need or ask us a question, we'd love to discuss your business.

* By submitting this form, you consent to receive emails from The Strategic Partner. You can opt out any time, but won't receive Membership benefits anymore.



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