Risk & Compliance Management

Dedicated, day-to-day risk and compliance management for law firms.

Risk & Compliance Management provides your firm with an outsourced compliance team, delivering structured register administration, regulatory guidance and monthly reporting to support your COLP, COFA and MLRO. Designed to ensure ongoing oversight, documented monitoring and clear evidence of effective compliance management.

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Outsourced Compliance For Law Firms

Risk & Compliance Management provides law firms with a dedicated external compliance function. It operates as an extension of your firm, delivering day-to-day regulatory guidance, register administration and structured reporting without the cost of a full in-house compliance department.

While regulatory officers retain accountability under the SRA framework, operational compliance tasks can be delegated. This service ensures those tasks are handled consistently, documented properly and monitored on an ongoing basis.

A managed compliance infrastructure

This service is designed for firms where:

Compliance is not a full-time internal role
Regulatory officers require structured operational support
Registers and notifications require active management
Partners require visibility of regulatory activity

Risk & Compliance Management provides continuous oversight of notifications, registers, investigations and reporting to ensure your firm can evidence effective compliance management at all times.

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What the Service Delivers

Daily technical support and guidance

Case-specific advice to staff on conflicts, confidentiality, AML and regulatory matters
Dedicated firm email channel for effective communication
Direct interaction with compliance officers and staff as required

This ensures regulatory queries are addressed promptly and consistently.

Notification and register administration

A core element of the service is the structured management of compliance notifications and supporting registers.

We will:

Collate and review all notifications
Liaise with compliance officers on required actions
Maintain and update firm registers
Chase missing information and finalise entries
Conduct ongoing accuracy checks
Move closed notifications from live to archived sections

This ensures your records are current, complete and audit-ready.

Investigation and undertakings support

Where notifications require investigation:

We work with regulatory officers to investigate and conclude matters
Follow up on outstanding actions
Maintain the undertakings diary
Liaise with relevant staff to ensure matters are progressed

Monitoring, analysis and partner reporting

Each month, your firm receives a detailed compliance report.

This includes:

Overview of each register, including:
- Notifications received
- Live matters outstanding
- Closed matters
Summary of issues arising
Trend analysis from notifications and register data
Advice and recommendations

This report is a key governance document, demonstrating structured monitoring and effective compliance management.

Additional monitoring includes:

Maintenance of firm-wide training records
Trend analysis and risk flagging
Policy compliance reminders where required

Registers maintained under this service

The service includes active maintenance of regulatory registers, including but not limited to:

Conflicts
Complaints
COLP
COFA
Suspicious Activity Reports
High Risk matters
GDPR/Data Breaches
Undertakings & Retentions
Claims
Declined Instructions
Continued Competence & Training
Gifts, Hospitality, Sponsorship & Donations
IT & Cyber Security Breaches
Overseas Entity Management
Personal Development Plans
Centralised CDD
Approved AI Solutions
Bankrupt Client
Audits/File Reviews

Registers are monitored, updated and reviewed on an ongoing basis to ensure accuracy and completeness.

Optional Add-on Services

Corrective Actions Management

Following file audits, corrective actions must be recorded, monitored and closed.

This add-on provides:

Recording of rectification actions by matter and fee earner
Follow-up with fee earners until completion
Ongoing tracking
Inclusion within monthly compliance reporting

Particularly relevant for firms with Lexcel or SQM accreditation.

Trust Register Management

For firms providing trust creation or management services, AML Regulations require certain trusts to be registered with HMRC.

This add-on includes:

Capturing trust matter details
Managing key dates
Ensuring registration within required timeframes

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For more information and costings

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Support for Regulatory Officers

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COLP

Guidance on potential breaches of the SRA Codes of Conduct and Principles, including advice on seriousness and reportability. Maintenance of the COLP register.

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COFA

Recording and advising on Accounts Rules breaches and reportability. Maintenance of the COFA register.

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Complaints Manager

Recording and monitoring of complaints to ensure they are tracked and resolved.

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Data Protection Officer / Data Compliance Manager

Recording and advising on data breaches, including whether reporting to the ICO or SRA is required.

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MLRO

Front-line AML guidance, support on reportable matters, and maintenance of High Risk and SAR registers.

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MLCO

Support with oversight of AML Policies, Controls and Procedures.

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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