Risk, Regulation and Compliance Service including AML – The Detail
Our Risk, Regulation and Compliance Service (including AML) has been designed to provide law firms of all sizes with a compliant environment. We provide you with policies and procedures which are bespoke to the way your firm works, whilst drawing your attention to any gaps in your risk and compliance activities.
We work with firms of all sizes and types, from partnerships to ABSs and high street firms, to multinational firms. Each firm is different and whilst there is a commonality of regulation and expected standards, it is essential to recognise how a firm implements compliance to tailor the solution to each firm’s working practices.
The standard service provides firms and its Compliance Officers with the necessary requirements to achieve a compliant firm.
Our Risk, Regulation and Compliance Service (including AML) includes as standard: –
- Annual Services – This is an annual service which means that our Compliance Managers will be here to support your firm throughout the year. From an initial understanding or review, through to providing updates to policies and processes as the market changes and new best practice or requirements arise.
- Welcome or Renewal Review – An initial discussion at the commencement of membership or after any renewal, to discuss your approach to regulation and deal with any questions or issues that you feel need to be addressed and to provide guidance on the implementation of a compliance strategy, to reduce risk and ensure compliance within your firm.
- Policy and Process Documentation – Bespoke documents that cover the required policies that every firm needs to comply with, as a requirement of the SRA and manage risk. These documents will be written in consultation with the firm as each policy and action must be proportionate and bespoke. A full list of the policies we provide as standard are included in the detailed product brochure. All documents are compliant with the various quality marks in the industry.
- Notification Forms and Registers – Implementation of a series of simple to use notification forms and compliance registers, to evidence that a firm is compliant. A full list of the notification and registers are included in the detailed produce brochure click here.
- Training – Each year a firm is required to deliver training to comply with the various regulations and ensure ALL staff are up to date. Our standard training covers:
- The Codes of Conduct
- The firm’s policies and their application
- Anti Money Laundering
- GDPR and Data Protection
This annual training is a must-have for all law firms and fulfils the regulator’s requirements.
- Firm Wide Annual Risk Assessment – We will work with you to produce your Firm Wide Risk Assessment that is required to be undertaken on an annual basis.
- Updates – As regulatory requirements change, or new best practice is formed, we will update any affected policy and send you a new policy that meets updated or new requirements.
- Audit – As standard, we will undertake an onsite audit once per annum where we attend your premises and review files and speak to your staff to find out about the firm’s approach to risk, regulation and compliance and identify that your firm has achieved full implementation of your policies and procedures. We will review the application of the firms Anti Money Laundering policy which is a regulatory requirement to undertake annually. This audit will highlight any continued areas of improvement. Following both audits, a report of findings will be delivered to the partners. Additional audits may be required and can be scheduled as needed by a firm.
- Helpline – Access to our regulation and compliance helpline, which you can call for any questions about compliance or if you have a concern or query relating to the SRA Code of Conduct or Solicitors Accounts Rules and their application. In the event you have a visit from the Solicitors Regulation Authority, with or without notice, you can call us for advice, guidance and support.
- Newsletters – Regular newsletter and updates highlighting key regulation and compliance issues and will include: –
- Updates to the Code of Conduct or Solicitors Accounts Rules
- SRA notifications and areas to watch
- Key tribunal cases
- General information, relevant to regulation and compliance.
Additional services such as training or auditing can be added to the service as necessary and required and we can discuss amending the package to meet your firm’s requirements.
Download our Risk, Regulation and Compliance Service (including AML) brochure here for more information.
For more information about our Regulation and Compliance Services (including Anti Money Laundering), you can call us on 0203 911 9710 or you can email us at email@example.com.
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