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.
For more information about our Regulation and Compliance service you can call us on 0203 911 9710 or you can email us at firstname.lastname@example.org.
The Strategic Partner work with 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 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
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.
For more details on each of the compliance services we provide please click on the links below.
Codes of Conduct inc COLP & COFA
Firm and File Audits
New Law Firm and ABS Applications
Compliance Management Service
Compliance Administration Service
Professional Indemnity & Renewals
Office Manual (inc quality kitemarks)
Drafting and Documents
Training and Development
Partnership & Shareholder Agreements
Succession & Exit
Closure of a Law Firm
Data Protection & GDPR
We provide both packages and individual solutions that directly add value into the firms we work with.
For more information about our Regulation and Compliance service you can call us on 0203 911
9710 or you can email us at email@example.com.