Risk, Compliance, AML Guidance and Register Administration – The Detail
Running a compliant law firm is not just about implementing a set of policies and procedures; the obligations of the Compliance Officers stretch way beyond this, as there is an ongoing responsibility to manage, maintain and monitor the application of the firm’s compliance strategy.
The Strategic Partner’s Risk, Compliance, AML Guidance and Register Administration Service is an outsource solution providing all staff with access to an experienced and knowledgeable Compliance Manager for guidance, and ensuring the regulatory requirement active management of the firm’s registers is met.
By outsourcing in this way, your firm will enable its Compliance Officers to focus on the other aspects of their day-to-day roles, safe in the knowledge that the general management of regulatory compliance is being taken care of for them.
The service has been designed to provide the firm with policies, procedures, training and risk assessments in addition to staff support and maintenance of firm-wide registers. In addition, your Compliance Manager will also report to the Partners/Directors, confirming activity during each individual month and advising on any issues that arise.
This includes interaction with Compliance Officers and staff through collating and maintaining firm-wide registers, which are required as part of a compliant environment and we also report to the Partners confirming activity in the month and addressing any issues that arise.
In addition to the general interaction, we review the data in the registers and produce a monthly compliance report for the Compliance Officers and Partners and through doing so, provide them with ongoing comfort that compliance and risk are well managed across the firm.
The standard service includes:
- Compliance Manager – Allocation of a Compliance Manager to work with your firm.
- Bespoke Number – A bespoke compliance helpline for the staff of the firm.
- Bespoke email address – Provision of a dedicated firm email address to maintain effective communication.
- Notifications – Collation of all risk and compliance notifications, reviewing content and interacting with the staff and Compliance Officers as necessary.
- Register Management – Updating the firm’s registers with information contained in the notification forms. This includes:
- Checking each register against the notifications for accuracy.
- Updating any missing notification or entries and liaising with the notifier, as necessary.
- Moving closed notification forms from live into closed sections of the registers.
A full list of the registers we implement and maintain are contained within the brochure (click here)
- Guidance – Providing front line guidance to staff as issues arise.
- Investigation – Working with the Compliance Officer to investigate and conclude notification. Concluding or chasing the conclusion of investigations through direct interaction with the compliance officer or staff.
- Corrective Actions – Following any file reviews, as an optional additional service, we will capture details of all file reviews performed, recording all corrective actions. We will then engage with fee earners to ensure corrective actions are completed in accordance with the requirement of the time frame in which corrective actions should be completed.
- Trust Management Register – If your firm drafts and/or managed Trust, as an optional additional service, we will maintain a Trust Register to ensure that all Trusts are registered with HMRC to comply with the Anti Money Laundering Regulations. This includes ensuring Trusts are registered within the appropriate time frame.
- Undertakings – Maintaining an undertakings diary and liaising with the Compliance Officers and/or the staff members as needed.
- Reporting – Monthly report to the Partners on all regulatory issues including:
- Overview of activity in registers
- Advising on any issues or concerns from the notifications made or the information contained in the registers including trend analysis
- Regulatory updates and information
- Required actions and recommendations
- Reminders – Reminders to staff who are not using reports and registers of the policies and securing their interaction.
- General Interaction – Direct interaction as instructed by you with the staff.
- Updates – Updates direct to staff on regulatory news and any changes to the firm’s policies and procedures.
This is an interactive service that ensures a firm and its Compliance Officers are always managing a compliant firm.
*although not essential, the Risk, Compliance, AML Guidance and Register Administration Service should be added as a complementary service to the firm’s Compliance Management Service.
For more information about our Risk, Compliance, AML Guidance and Register Administration Service, you can call us on 0203 911 9710 or you can email us at email@example.com.
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