Detailed Risk Management & Compliance Review
Independent, in-depth risk and compliance assessment for law firms.
Our Detailed Risk Management and Compliance Review provides a structured, firm-wide gap analysis of your approach to risk, supervision and regulatory compliance. Designed for law firms and professional indemnity insurers, the review delivers a comprehensive evaluation of your current framework, identifies areas of exposure and sets out clear, pragmatic recommendations for improvement.
It is a deep, independent review that enables firms to understand their true risk position and demonstrate a robust, defensible compliance environment.
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Compliance Services For Law Firms
This service is designed to review and update a firm’s approach to risk management and compliance.
It is suitable for:
- Law firms seeking to identify gaps in supervision, controls and regulatory systems
- Firms preparing for professional indemnity renewal
- Insurers seeking an independent assessment of a firm’s risk profile
- Firms requiring a structured review prior to regulatory engagement
RACO works for both firms and insurers, giving us a clear understanding of the expectations on both sides of the risk process.
The outcome is not simply commentary, but a documented assessment with defined solutions.
Who this service is designed for
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Firms seeking an independent, in-depth risk and compliance review
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Firms preparing for insurer scrutiny
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Firms experiencing rapid growth or structural change
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Firms seeking objective validation of their governance framework
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Firms wishing to identify risk gaps before they become regulatory issues
Enquire Today
Download the Full Service Brochure
For more information and costings
What the review includes
The Detailed Risk Management and Compliance Review is a structured, multi-stage process.
Discovery Meeting
- Agreement of scope and focus
- Identification of specific concerns or priority areas
- Clarification of objectives and reporting requirements
Policies, Controls and Procedures (PCP) Review
- Identification and analysis of all active PCPs
- Assessment of whether documentation reflects operational practice
- Evaluation of alignment with SRA Standards and regulatory obligations
This stage establishes how the firm is designed to operate from a risk and compliance perspective.
Review of Risk and Compliance Registers
- Examination of live and historical registers
- Analysis of breach management and issue resolution
- Assessment of record-keeping and governance controls
This enables a practical view of how issues arise and how they are managed in reality.
On-site Interviews and Discussions
- Face-to-face interviews (onsite preferred)
- Engagement with staff at all levels
- Assessment of understanding and application of PCPs
This stage tests implementation, supervision and cultural awareness of compliance.
Optional File Reviews
Where appropriate, file reviews are conducted to assess how policies are applied at client and matter level.
File review is regarded as best practice to ensure operational reality aligns with documented process.
A Formal Report
The review concludes with a detailed written report setting out:
- Information gathered during the review
- The firm’s current approach
- Identified gaps
- Practical recommendations and solutions
Presentation of Findings
Findings are formally presented to:
- Owners and senior management
- Risk committees
- Professional indemnity insurers (where required)
This ensures clear understanding at decision-making level.
Implementation Support (Optional)
Where appropriate, RACO can assist the firm in implementing agreed recommendations and improvements.
Typical Timescale
A typical review will take:
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3–6 days without file reviews
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5–8 days with file reviews
The duration depends on firm size and complexity.
Professional Indemnity Renewal Support
For many firms, this review forms part of the professional indemnity renewal process.
The structured assessment assists insurers in understanding the firm’s risk profile, which may influence renewal terms.
The review may also be independently secured by insurers.
Optional Regulation 21 Independent AML Audit
The review can be extended to include an Independent Audit under Regulation 21 of the Anti-Money Laundering Regulations 2017.
This includes:
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Review of the firm’s risk assessment approach
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Review of the Regulation 18 firm-wide risk assessment
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Partner/Director-level reporting on application of AML controls
This add-on ensures compliance with AML regulatory requirements.
Find out more
View the brochure
Why firms choose this review
To gain a clear understanding of their current risk position
To identify and address gaps in supervision and controls
To strengthen insurer discussions
To demonstrate proactive governance
To receive independent, market-informed recommendations
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Contact Our Team
To ask any questions about the Regulation and Compliance Office and how we can support your Law Firm, please call us on 0203 985 8550, complete the online enquiry form below, or email us info@regulationandcomplianceoffice.co.uk