Our Compliance and Administration Service - an overview
This is an essential service for regulatory officers (in particular the COLP and COFA) where regulation is not their main or only role.
Running and managing a compliant law firm is not just about implementing a set of policies and procedures, the obligations of a compliance officer stretch way beyond this as there is an ongoing responsibility to manage, maintain and monitor the implementation of these policies.
In a busy law firm where often the compliance officers have other roles, the ongoing management of regulation and compliance is difficult to manage and maintain.
Our Compliance Administration Service provides a secure and cost effective way of ensuring the ongoing obligations of the compliance officers are maintained at all times.
Compliance Administration Service
The service includes :-
- Provision of a dedicated firm email address to maintain effective communication.
- Collation of all risk and compliance notifications, reviewing content and interacting with the compliance officers.
- Updating the firms registers with information contained in the notification firms.
- Checking each register against the notifications for accuracy.
- Updating any missing notification or entries and liaising with the notifier as necessary.
- Working with the compliance officer to investigate and conclude notification.
- Moving closed notification from live into closed sections of the registers.
- Concluding or chasing the conclusion of investigations through direct interaction with the compliance officer or staff.
- Maintaining an undertakings diary and liaising with the compliance officers and/or the staff members as needed.
- Monthly report to the partners on all regulatory issues.
- Advising on any issues or concerns from the notifications made or the information contained in the registers including trend analysis.
- Reminders to staff who are not using reports and registers of the policies and securing their interaction.
- Direct interaction as instructed by you with the staff.
- Updates direct to staff on regulatory news and any changes to the firm’s policies and procedures.
This is an interactive service that ensures firms and their compliance officers are always managing a compliant firm.
*although not essential, the compliance administration service should be added as complimentary service to the firms Compliance Management Service.
Each month the firm will be sent a monthly report that will provide information on: -
- An overview of each of the registers to include
- Notifications received
- Live notifications
- Closed notifications
- A summary of issues that have arisen in the month
- Trend analysis reporting from reviewing all notifications made
- Advice and recommendations including actions to take as a result of monitoring
The report is an essential document to establish and demonstrate ongoing, effective compliance management.
Registers and Notification
A major part of the service is the maintaining of notifications and registers. The notification and registers a firm should maintain are:
- COLP – which contains details of all COLP notifications, the investigation undertaken and the outcome. This will also retain copies of audits undertaken by the firm.
- COFA – which contains details of all COFA notifications, the investigation undertaken and the outcome.
- Complaint – which contains details of all complaints raised against the firm, the investigation undertaken and the outcome.
- GDPR Breach – which contains details of any data protection breach, the investigation undertaken and the outcome.
- Suspicious Activity Report – which contains all reports arising from the firm’s anti money laundering policy, the investigation undertaken and the outcome.
- High Risk – which contains details of any matter which is regarded as high risk.
- Undertakings – which contains all undertaking provided by the firm and whether they are live or closed. This does not include standard understanding provided on property sales and purchases.
- Training – which contains a record of all training undertaking by individuals within the firm.
- Undertakings – which contains details of all undertakings provided by the firm.
- Conflict – which contains details of any conflict matters and the action taken.
- Gifts – which contains details of gifts provided to the firm or any person within the firm.
Each of these must be maintained, monitored and controlled on an ongoing basis.
The following regulatory officers are supported as part of this service.
- Compliance Officer for Legal Practice (COLP) - responsible for ensuring compliance with the SRA Handbook and all other regulations that apply to the firm including the risk and compliance policy.
- Compliance Officer for Finance and Administration (COFA) - responsible for ensuring compliance with the SRA Accounts Rules 2011.
- Money Laundering Reporting Officer (MLRO) - responsible for ensuring that, when appropriate, the information or other matters leading to knowledge or suspicion, or reasonable grounds for knowledge or suspicion of money laundering is properly disclosed to the relevant authority.
- Complaint Manager - manages and oversees all complaints.
- Data Compliance officer - handles all data protection and GDPR issues including information security and monitoring compliance with legislation.
Our service ensures that each of these officers will fulfil their ongoing obligations to monitor, manage and control areas assigned to them.
Prices start from £300 per month and will increase depending on the amount of interaction a firm requires to maintain their regulation and compliance infrastructure.
We will discuss with the firm their requirements and where necessary provide a price proposal based on the firm’s needs.
The Strategic Partner provides essential support to law firms offering a range of products, services and consultancy tailored to the legal sector. Our experience and focus provides you with additional support when you need it and we will work closely with the firm's owners as a partner to you.
Our strength lies in our knowledge, experience and connections. We work with you on a continual basis so that we truly understand your firm and, where needed, we provide key services, guidance and support. Our focus is to work with you as a valued partner, helping you to increase productivity and profitability. We aim to control risk through our solutions without affecting service delivery.
For more information about our Compliance Administration and Management Service, view our brochure here, call us on 020 3911 9710 or email us at firstname.lastname@example.org.