Who we can help
Our Risk Management Assessment Service been specifically designed for the purpose of reviewing and updating a firm’s approach to risk management.
- 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, which can be enhanced by using the Independent AML Audit Service designed to fulfil compliance with the AML regulations.
Risk Assessment Service and Independent AML Audit – The Detail
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.
This review includes: –
- Discovery meeting to scope out and agree to the approach and focus of the review.
- A Review of a firm’s Policies Controls and Procedures (PCPs) which have been written to document how the firm manages risk and compliance.
- A review and analysis of a firm’s risk and breach registers.
- Onsite audit with Interviews with staff to consider the practical application of a firm’s PCPs and to establish understanding and knowledge.
- Optional file reviews to consider the application of a firm’s PCP requirements at case/matter level
- A formal report detailing the information obtained in the review, the current approach adopted by the firm and identifying any gaps with a series of recommendations and solutions
- Presentation of the findings to the partners
The regulation 21 independent audit extension will further include a review of the approach adopted by the firm for compliance with AML regulations.
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 email@example.com.
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