Regulation & Compliance Service inc. Risk Management & AML Risk for Scottish Law Firms
Outsourced Compliance Services For Law Firms in Scotland
Our Regulation and Compliance Service, including Risk Management and AML Risk, provides a cost-effective but essential solution for law firms in Scotland to ensure they achieve a compliant environment.
An essential part of our service is that we get to know each firm and how they operate before we can then adapt to them. We will never ask a firm to change what are doing unless it is non-compliant.
With prices starting from £300 per month, this should be an affordable solution for all firms. We have worked hard to make our services available to the smallest firms and can tailor them for larger firms.
Our approach to compliance is to bring to firms bespoke and compliant policies and procedures that are proportionate and sensitive to the way in which a firm operates. For a compliance strategy to be successful, it has to be adopted by all in the firm. We work to remove the ‘red tape’ wherever possible and ensure, whilst the firm is compliant, that there is full adoption of the policies and procedures.
We work with firms of all types, from sole practitioners through to partnerships, Limited Companies and ABSs. We recognise that it is essential to recognise how a firm implements compliance to tailor the solution to each firm’s working practices. This is why our service is completely bespoke to each firm we work for.
The standard service provides firms and its Compliance Officers with the necessary requirements to achieve a compliant firm.
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Our Regulation & Compliance Service
Our Regulation and Compliance Service is an effective and competitive offering that is affordable. The Service is detailed further in our brochure, but to summarise, the 5 core elements of the service are:
- Discovery – The commencement of the service is to review what your firm is doing now through a discovery phase. We will learn about your firm and then work with you to adjust or update your current Policies, Controls, and Procedures (PCPs) to implement what is missing and update where necessary to ensure your firm is compliant.
- We will not change your processes unless you are non-compliant or wish to improve what you do now. By the end of the discovery, drafting, implementation, and training phase, you can be confident that your firm will be compliant. We will thereby continue maintaining the policies alongside the other services provided as part of the solution.
- Updates – We then keep the PCPs updated as rules change or the firm changes to ensure compliance. We will take action to update and issue new policies so the firm does not have to.
- Training – When we have established your PCPs, we will provide an online training course.
- Risk Assessments – We will complete an annual risk assessment, which is obligatory under the MLR 2017, and we will ensure this meets the expectations of the SRA.
- Maintenance – We will also perform an annual compliance audit. The audit involves reviewing files, speaking to staff, etc. to ensure they are implementing the policies (including AML) and that we can prove that the policies are being applied. A written report is provided for reference and future use to demonstrate that the firm has been independently assessed.
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Scottish Law Firms
If your firm is regulated by the Law Society of Scotland and you are reviewing your compliance arrangements, considering outsourced support or preparing for inspection, please call us on 0203 985 8550, complete the online enquiry form below, or email us info@regulationandcomplianceoffice.co.uk