Detailed Risk Management & Compliance Review for CLC Practices
Independent, in-depth risk and compliance assessment for CLC regulated practices.
RACO provides structured risk management and compliance reviews for CLC regulated practices, delivering an independent assessment of a firm’s regulatory framework, governance arrangements and operational risk position.
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Independent Risk & Compliance Reviews for CLC Practices
Our Detailed Risk Management and Compliance Review is a structured, practice-wide gap analysis designed to assess a firm’s approach to risk, supervision and regulatory compliance.
The review provides practices and professional indemnity insurers with a comprehensive evaluation of the current compliance framework, identifies areas of exposure and delivers practical recommendations for improvement.
This is a detailed, independent review designed to help practices understand their true risk position and demonstrate a robust and defensible compliance environment.
Why a Detailed Risk & Compliance Review Matters
An independent review provides practices with objective insight into how risk and compliance systems operate in reality.
The service is designed to support:
- Practices seeking to identify gaps in supervision, controls and regulatory systems
- Practices preparing for professional indemnity renewal
- Insurers seeking an independent assessment of a practice’s risk profile
- Practices preparing for regulatory engagement
- Firms experiencing rapid growth or structural change
The outcome is not simply commentary, but a documented assessment supported by practical solutions and recommendations.
RACO works for both practices and insurers, providing a clear understanding of expectations from both sides of the risk process.
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Enquiries
Enquire Today
For more information about our compliance services for CLC-regulated practices, you can call or email us via the details below:
0203 985 8550
info@regulationandcomplianceoffice.co.uk
What’s Included?
The Detailed Risk Management and Compliance Review is delivered through a structured, multi-stage process.
Discovery Meeting
An initial meeting to agree the scope of the review, identify priority areas and confirm reporting requirements.
Policies, Controls & Procedures Review
Identification and analysis of active Policies, Controls and Procedures (PCPs), including assessment of whether documentation reflects operational practice and aligns with CLC requirements and the CLC Code of Conduct.
Review of Risk & Compliance Registers
Examination of current and historical registers, breach management processes and governance controls to assess how issues are identified and managed in practice.
On-Site Interviews & Discussions
Interviews with staff at all levels to assess implementation, supervision and practical understanding of compliance processes. On-site engagement is preferred where possible.
Optional File Reviews
Where appropriate, file reviews can be undertaken to assess how Policies, Controls and Procedures are applied at client and matter level.
Formal Reporting
A detailed written report is provided setting out:
- Information gathered during the review
- The practice’s current approach
- Identified gaps
- Practical recommendations and solutions
Presentation of Findings
Findings are formally presented to owners, senior management, HOLPs, HOFAs, risk committees and professional indemnity insurers where required.
Optional Implementation Support
Where appropriate, RACO can assist the practice in implementing agreed recommendations and improvements.
Optional Regulation 21 Independent AML Audit
The review can be extended to include an Independent Audit under Regulation 21 of the Money Laundering Regulations 2017, including review of the practice-wide risk assessment and AML control framework.
Typical Timescale
A typical review will take:
- 3–6 days without file reviews
- 5–8 days with file reviews
The duration will depend on the size and complexity of the practice.
Why Practices choose RACO
Independent External Assessment
Experience Working with Practices & Insurers
Detailed Gap Analysis & Practical Solutions
Structured and In-Depth Review Process
Ongoing Support Available
Explore Our CLC Compliance Services
For detailed information on our compliance framework services, AML support, risk management solutions and ongoing compliance management for CLC regulated practices, please call us on 0203 985 8550, complete the online enquiry form below, or email us info@regulationandcomplianceoffice.co.uk