Risk Assessment and Independent  AML Audit Service

At The Strategic Partner, we work with both law firms and insurers assisting with the management and control of risk. We have designed the above service to specifically focus on a firm’s overall management of risk, compliance and regulations and to meet the Anti-Money Laundering Regulations (AML) requirement to undertake an independent audit.

An ‘independent audit’ is essential to comply with Regulation 21 of the Anti-Money Laundering Regulations and failure to undertake this audit results in the firm failing to comply with the Regulations. Our service provides firms with a truly independent audit and report which meets regulatory requirements.

With Professional Indemnity Insurance premiums being one of the largest 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 provide your firm’s risk approach with credibility.

Our Risk Assessment & Independent AML Audit Service has been specifically designed for the purpose of reviewing and updating a firm’s approach to risk management and AML compliance.

• 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, including compliance with the AML regulations.

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Find Out More

For more information about our Risk Assessment Service and Independent AML Audit, you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk. You can also find out more about this service by clicking on the brochure link below.

Risk Assessment Service and Independent AML Audit – The Detail

An “independent audit” for the purposes of complying with Regulation 21 of the Anti-Money Laundering Regulations is essential. Failure to undertake this results in the direct failure of the firm to comply with the requirements of the regulations.

Our service provides firms with a completely independent audit and ensures the review is completed and reported on in accordance with the regulatory requirements.

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.

Full details of the service can be viewed in our brochure, but to summarise, there are 3 fundamental stages to our Service: –

Document Review – This will involve a review of any documentation a firm possesses that sets out its approach to risk management and supervision.

Onsite Audit – Engagement with key staff to discuss and review the departmental and individual approach to risk assessment. This may or may not include file reviews.

Reporting – A report to the Partners and Compliance Officers, highlighting any issues and providing recommendations.

The ultimate aim of this service is to ensure that a firm understands its current approach to risk and supervision and where improvements can be made, providing clear guidance on actions to be taken to implement the recommendations.

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.

Enquiries

For more information about our Auditing services, you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk.

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