Guidance On Compliance Maintenance
The Solicitors Regulation Authority (SRA) have in recent days visited more than 40 firms that have suffered cyberattacks. Their recent post stated “We found 16 firms were using a system for which Windows was about to end support, and 2 use a system not updated since 2014. More than half of firms allowed external data stick to be plugged into their computers.” This clearly demonstrates the need for firms to have measures and systems in place that are reviewed and maintained annually. This would fundamentally alleviate things going wrong.
Having Policies and Registers
Having written policies and registers that are regularly maintained it would mean that a firm is running a compliant environment. The policy would be a go-to guide for staff to make sure correct procedures are followed for things such as KYC/CDD. It would further provide guidance and set out actions that can and cannot be done such as firms not allowing external data sticks to be plugged into computers and laptops. Further, a requirement can be placed for staff to change passwords every 90 days. Having written policies that are carefully drafted on actual procedures and actions would help staff understand matters clearly and can potentially avoid disasters and major breaches in a law firm.
As well as having policies and registers it is the firm’s responsibility to ensure that annual training is provided to staff. Annual training is an important part of compliance maintenance. The training will highlight and reinforce to staff the significance of reviewing files and risks regularly. Training can further be recorded on registers for each staff. By maintaining and keeping a record of any courses attended it demonstrates regular learning and development so skills and knowledge remain up to date.
About The Strategic Partner and Our Services
At The Strategic Partner, we work with firms and their COLPs and COFAs to assist them with the management of risk, compliance and regulation through our two compliance solutions or we can provide individual training and guidance.
We always provide bespoke services as we recognise that every law firm is different. It is essential to provide guidance, consultancy, written documents, training and procedures that meet the exact requirement of the firm to overcome rather than provision templated solutions. We can help you make sure you are compliant and have adequate recourses in place. The Strategic Partner work with law firms of all types and sizes providing risk, compliance and guidance support.
You can view our compliance services by clicking on the links below. Our solutions are cost-effective and provide firms with the necessary solutions to comply with the:
- Codes of Conduct
- SRA Accounts Rules
- Regulations including AML
- Other legalisation that affects law firms
These are comprehensive packages set at affordable prices for all firms.