Risk & Compliance Management
for Sole Practitioners
Your outsourced compliance team for ongoing regulatory support, monitoring and compliance management.
Designed specifically for sole practitioners, our Risk & Compliance Management Service provides the day-to-day compliance support, administration and oversight needed to maintain an effective compliance environment. We act as an extension of your practice, helping manage compliance activities, maintain registers, investigate issues and provide ongoing guidance, allowing you to focus on your clients and running your business.
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Outsourced Compliance Support for Sole Practitioners
As a sole practitioner, responsibility for compliance, risk management and regulatory oversight rests entirely with you.
Alongside managing client matters and running the practice, you are also responsible for maintaining compliance records, investigating issues, managing registers, responding to regulatory requirements and ensuring appropriate systems and controls remain in place.
Our Risk & Compliance Management Service provides dedicated compliance resource and support, delivering the day-to-day administration, monitoring and oversight that many sole practitioners simply do not have the internal capacity to manage themselves.
The service operates as an extension of your practice, providing experienced compliance professionals who help ensure key compliance activities are monitored, recorded, maintained and reported appropriately.
Why Risk & Compliance Management Matters
As compliance obligations continue to increase, maintaining registers, monitoring notifications, investigating issues, maintaining records and overseeing compliance activity can become increasingly time-consuming.
Without dedicated support, important compliance activities can quickly become reactive rather than proactive.
Our Risk & Compliance Management Service helps sole practitioners:
- Maintain accurate compliance records and registers
- Ensure notifications are properly reviewed and investigated
- Obtain day-to-day compliance guidance and support
- Demonstrate effective compliance management to regulators and insurers
- Identify trends, risks and emerging issues before they escalate
- Maintain oversight of ongoing compliance activities
- Reduce the administrative burden associated with compliance management
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Download the Full Service Brochure
For more information and costings
What is included?
Daily Support & Guidance
Our compliance team provides ongoing support on regulatory and compliance matters as they arise.
This includes guidance on:
- Conflicts
- Confidentiality
- Anti-Money Laundering
- Risk and compliance issues at matter level
- General regulatory queries
Support is provided through a dedicated email address to ensure accessibility and timely assistance.
Notification & Register Management
We manage and maintain compliance notifications and supporting registers on your behalf.
This includes:
- Reviewing notifications
- Maintaining compliance registers
- Chasing outstanding information
- Conducting ongoing accuracy reviews
- Closing and archiving completed notifications
This helps ensure records remain current, accurate and appropriately maintained.
The service includes ongoing maintenance of compliance registers, including:
- COLP
- COFA
- Complaints
- Conflicts
- High Risk Matters
- Suspicious Activity Reports
- GDPR Breaches
- IT & Cybersecurity Breaches
- Claims
- Declined Instructions
- Undertakings & Retentions
- Continued Competence & Training
- Gifts, Hospitality, Sponsorships & Donations
- Personal Development Plans
- Overseas Entity Management
- Audits & File Reviews
- Approved AI Solutions
Together with the wider range of operational compliance registers maintained by the practice.
Investigation Support
Where notifications or compliance concerns arise, we provide support with investigation and resolution.
This includes:
- Monitoring ongoing investigations
- Chasing outstanding actions
- Liaising with relevant parties
- Maintaining undertakings records and monitoring activity
This helps ensure issues are addressed consistently and appropriately documented.
Monitoring & Reporting
We provide ongoing monitoring and compliance reporting, including:
- Training record maintenance
- Compliance reporting
- Trend analysis
- Risk identification
- Recommendations and corrective actions
- Reminders where policy requirements have not been followed
You will receive regular reporting summarising activity, outstanding issues, trends and recommendations.
Regulatory Updates & Communication
We help ensure you remain informed of regulatory developments through:
- Regulatory updates
- Compliance briefings
- Policy updates
Helping you stay aware of emerging compliance obligations and regulatory developments affecting your practice.
Regulatory Officer Support
The service provides support across responsibilities typically associated with:
- Compliance Officer for Legal Practice (COLP)
- Compliance Officer for Finance & Administration (COFA)
- Data Protection Officer / Data Compliance Manager
- Money Laundering Reporting Officer (MLRO)
- Money Laundering Compliance Officer (MLCO)
- Complaints Manager
Our role is to help monitor, manage and control the areas for which these responsibilities apply, whilst supporting you in maintaining effective oversight of the practice.
Optional Add-on Services
Corrective Actions Management
Following audits, file reviews or compliance investigations, firms are often required to implement corrective actions to address identified issues and demonstrate ongoing improvement.
We can maintain the Corrective Actions Register, record rectification actions, monitor progress, chase outstanding actions and report on completion as part of ongoing compliance reporting.
Pricing dependent on the number of Audits per Annum
Trust Register Management
For practices undertaking trust creation and management work, we can maintain the Trust Register, manage key dates and support ongoing compliance with registration requirements.
This helps ensure records remain accurate, registration obligations are met and administrative burdens are reduced.
Pricing from: £360.00 +VAT per annum
Download the Full Service Brochure
For more information and costings
Why Sole Practitioners Choose RACO
Dedicated Compliance Resource
Proactive Compliance Management
Practical and Proportionate Approach
Clear eIntegrated with Your Practice
Direct access to experienced regulatory advisors
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Contact Our Team
To ask any questions about the Regulation and Compliance Office and how we can support your firm, please call us on 0203 985 8550, complete the online enquiry form below, or email us info@regulationandcomplianceoffice.co.uk