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Risk Management and Compliance Review

At The Strategic Partner, we work with both law firms and insurers assisting with the management and control of risk. We have designed the Risk Management Assessment Service to specifically focus on a firm’s overall management of risk, compliance, and regulations

This service provides a review and analysis of a firm’s approach to risk and compliance and will help a firm to identify where its approach to risk management and compliance may have gaps enabling them to be ‘plugged’ and for a firm to operate an efficient approach to risk (which is expected by insurers and will help control Professional Indemnity Premiums) and compliance with the SRA Standards and Regulations (which is expected by the Solicitors Regulation Authority).

With Professional Indemnity Insurance premiums being one of the most significant expenses incurred by any law firm, obtaining a robust risk management solution that a firm can evidence to their insurers by way of documented audits and reports should be considered essential to reducing premiums. Having your audit undertaken by a trusted and respected brand in the market will give your firm’s risk approach credibility.

This review can be extended to include an Independent Audit for the purposes of Regulation 21 of the Anti-Money Laundering Regulations (MLR) 2017. The Independent AML Audit service provides firms with a completely independent audit and ensures the review is completed and reported on in accordance with the regulatory requirements.

Law Firm Compliance

Who we can help

Our Risk Management Assessment Service been specifically designed for the purpose of reviewing and updating a firm’s approach to risk management.

  • For law firms: we work with you to understand the firm’s current approach to risk, supervision, and controls, and assist with the implementation of proportionate but robust solutions to meet any gaps.
  • For insurers: we are engaged by leading insurers to work with firms to either assess their approach to risk management or undertake risk assessments and audits.

As we work for both stakeholders in the risk process, we have a unique insight into the needs of both and will provide solutions that meet the expectations of both the law firm and their Professional Indemnity Insurers.

The Strategic Partner works with firms of all sizes, from the smaller high street or niche firms through to the large multi-office and multinational firms.

This Risk and Supervision Assessment Service is effectively a gap analysis of a firm’s approach to risk, compliance, and regulation, which can be enhanced by using the Independent AML Audit Service designed to fulfil compliance with the AML regulations.

The Service

To ensure a firm is operating in a way that demonstrates a sensible and proportionate approach to risk management, it is necessary to spend time with that firm and their staff. This approach allows us to understand the current approach to risk management and supervision, in order to identify potential weaknesses and provide solutions to remove or minimise them.

This service provides a detailed analysis of the firm’s approach to risk management and supervision, enabling the firm to improve its level of risk generally and remove (or minimise) the risk of negligence or criticism from the SRA or a Professional Indemnity Insurer.

This review includes: –

  • Discovery meeting;

    to scope out and agree to the approach and focus of the review.

  • A Review of a firm’s Policies Controls and Procedures (PCPs);

    which have been written to document how the firm manages risk and compliance.

  • Review and analysis;

    of a firm’s risk and breach registers

  • Onsite audit; 

    with Interviews with staff to consider the practical application of a firm’s PCPs and to establish understanding and knowledge

  • Optional file reviews;

    to consider the application of a firm’s PCP requirements at case/matter level.

  • A formal report;

    detailing the information obtained in the review, the current approach adopted by the firm and identifying any gaps with a series of recommendations and solutions.

  • Presentation;

    of the findings to the partners

The regulation 21 independent audit extension will further include a review of the approach adopted by the firm for compliance with AML regulations.

Is your firm compliant?

Talk to us today

Our Expertise

Our goal is to work with the firm to help them build a robust risk management profile that is independently assessed and receives recognition and credibility from the firm’s Professional Indemnity Insurer.

To further bolster a firm’s approach to overall risk control, regulation and compliance, The Strategic Partner has developed two services that can be utilised as part of a fully outsourced solution. Full details of each service can be viewed by clicking the links below, but a summary of each service is as follows:-

 Risk, Regulation and Risk Compliance Services including AML – Our Risk, Regulation and Compliance Service has been designed to provide law firms of all sizes with a compliant environment, using bespoke, documented and implemented procedures 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 – Our Risk, Compliance & AML Guidance and Administration Service provides law firms with a cost-effective solution to outsource the management of the firm’s registers and to provide day-to-day compliance guidance to the staff. It provides law firms and their staff with direct access to a dedicated Compliance Manager, who will provide case-level guidance and accept receipt of notifications, through which they will also manage and update the various compliance registers.

Get in touch

Contact our Compliance or Consultancy Team

Northern Office  |  Midlands Office  |  Southern Office