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 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.
For more information about our Auditing services, you can call us on 0203 911 9710 or you can email us at firstname.lastname@example.org.
Other Consultancy Services…