Confirm your firm is following transparency rules

In further announcements from the SRA last week, they have reiterated their commitment to tackling firms that are not compliant with the transparency code. They have confirmed that they will be writing to all COLPs and COFAs at the 8,000 firms they have not yet asked to do so, asking them to sign a declaration that they are adhering to the transparency rules.

Unfortunately, it is not as straightforward as it seems and can be time-consuming.

The real issue here is not just a failure to comply with the transparency rules but if your firm cannot get this right, it may raise questions on what else in the firm is non-compliant?

Your website gives the SRA a peer through an open window, and your approach to compliance may be one you cannot shut out if you do not get it right. It may lead to you having to open your door instead.

The Strategic Partner’s compliance team will review your website for a fee of £100 and provide you with a written report that

• Highlights any issues you may have
• Advises the action to take to rectify any errors

We can also work with you to implement the changes if you require them.

Our team of expert and dedicated compliance officers are here to assist you and your firm.

To organise your review, you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk.

Risk, Regulation and Compliance Services including AML

To further bolster a firms approach to risk management and compliance and to assist a firm with overall risk control, regulation and compliance The Strategic Partner has developed 2 services that can be utilised as part or fully outsourced solutions which are: – 

• Risk, Regulation and Compliance Services including AML – Our Risk Regulation and Compliance service which includes Anti Money Laundering, has been designed to provide law firms of all sizes with a compliant environment with bespoke documented procedures that sit alongside an infrastructure that evidences how a firm tackles and manages risk, compliance and regulation. Our experience and focus provide law firms with the required and necessary support and expertise.

• Risk Compliance & AML Guidance and Administration Service – The Compliance & AML Guidance and Administration Service provides law firms with a cost-effective solution to outsource the management of the firm’s registers and guidance to the staff. The service provides law firms and their staff with direct access to their compliance team to provide case-level guidance and receipt of notifications through which they will also manage and update the various compliance registers

At The Strategic Partner, we work with firms of all sizes, offering expert and cost-effective solutions, providing annual risk assessments alongside the building of a risk strategy and documentation that protects the firm. Whilst firms will have common risks due to the nature of legal transactions, each firm will have different risks associated to them, so it is important to ensure that any risk assessment is bespoke.

For more information on how The Strategic Partner works with firms on risk management, you can contact us on 0203 911 9710, email us info@thestrategicpartner.co.uk  or visit our website to make an online enquiry.