Risk Assessment Service and Independent AML Audit

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

An Independent audit for the purposes of complying with Regulation 21 of the Anti Money Laundering Regulations is essential and failure to undertake this results in the firm NOT complying with the requirements of the regulations. Our service provides firms with a truly independent audit and report that meets the requirements of the regulations.

With Professional Indemnity Insurance premiums being one of the main expenses incurred by a law firm providing a robust risk management solution that a firm can evidence should also be considered essential. Having this independently assessed by a trusted and respected brand in the market will provide credibility

Our Risk Assessment Service and Independent AML Audit 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 approach to risk, supervision and controls and assist with the implementation of proportionate but robust solutions.
  • For Insurers, we are engaged by them 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 Law Firms and their 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.

risk supervision and assessment services

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 firm NOT complying with the requirements of the regulations. This service provides firms with a completely independent audit and ensures the review is completed and reported on in accordance with the 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 a firm and their staff to understand the current approach to risk management and supervision to identify potential weaknesses and provide solutions to remove or minimise these.

This service provides a detailed analysis of the firm to improve the approach to risk management and supervision enabling the firm to operate from a stronger platform to improve 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 the approach to risk management and supervision.
  • Onsite Audit – Engagement with key staff to review and discuss 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 issues and providing recommendations.

The conclusion of the service is to ensure that a firm understands its approach to risk and supervision and where improvements can be made with clear guidance on actions to be taken to implement the recommendations.

Our Expertise

Our goal is to work with a firm to help them with a robust risk management profile that is independently assessed and received recognition and credibility from a firms Professional Indemnity Insurer.

To further bolster a firms approach to risk management and compliance and to assist a firm with overall risk control, regulation and compliance The Strategic Partner has developed 2 services that can be utilised as a part of a fully outsourced solution. Full details of each service can be viewed by clicking the link below but a summary of each is as follows:

Risk, Regulation and Risk Compliance Services including AML – Our Risk, Regulation and Compliance service which includes Anti Money Laundering, has been designed to provide law firms of all sizes with a compliant environment with bespoke documented procedures that sit alongside an infrastructure 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 guidance to the staff. The service provides law firms and their staff with direct access to their compliance team to provide case-level guidance and 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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