Regulation & Compliance Outsource Guidance & Support for Scottish Law Firms
Outsource Compliance Services
For Law Firms in Scotland
Our Regulation and Compliance Outsource Guidance and Support Service provides Scottish law firms with a cost-effective outsourced solution which sees the compliance managers of The Regulation and Compliance Office (RACO) take on the day-to-day guidance and support expected to be provided by the Compliance Officers or Practice Manger, Data Compliance Officers, MLROs and MLCOs.
This addition to the Regulation and Compliance Service—including Risk Management and AML Risk—relieves the Compliance Officers from most of the day-to-day burden of keeping up with regulatory requirements and ensures staff have access to compliance and risk advice when they need it.
When adding this service, each Firm is allocated a Compliance Team, led by a trained compliance Manager, to assist and guide all firm members on compliance-related matters and monitor overall compliance.
With pricing from £300 per month, this is a very affordable add-on solution to the main compliance service and ensures the ongoing obligations of the compliance officers are maintained at all times. For many firms, the cost is less than the hourly rate charged by their senior staff.
Our services are essential to support your compliance officers, particularly where these are not their only or main roles.
Download the Full Service Brochure
For more information and costings
Key Elements
- Compliance Manager– Allocation of a Compliance Manager to work with your firm. The manager is supported by a team which works together to provide the service.
- Bespoke Number – A bespoke compliance helpline for the staff of the firm.
- Bespoke email address – Provision of a dedicated firm email address to maintain effective communication.
- Notifications – Collation of all risk and compliance notifications, reviewing content and interacting with the staff and Compliance Officers as necessary.
- Risk and Breach Register Management –
- Updating the firm’s registers with information contained in the notification forms. This includes:
- Checking each register against the notifications for accuracy.
- Updating any missing notification or entries and liaising with the notifier, as necessary.
- Moving closed notification forms from live into closed sections of the registers.
- Investigation – Working with the Compliance Officer to investigate and conclude notification. Concluding or chasing the conclusion of investigations through direct interaction with the compliance officer or staff.
- Reporting – Monthly report to the Partners on all regulatory issues including:
- Overview of activity in registers
- Advising on any issues or concerns from the notifications made or the information contained in the registers including trend analysis
- Regulatory updates and information
- Required actions and recommendations
- Guidance
- Providing front line guidance to staff as issues arise.
- Reminders – Reminders to staff who are not using reports and registers of the policies and securing their interaction.
- General Interaction – Direct interaction as instructed by you with the staff.
- Updates – Updates direct to staff on regulatory news and any changes to the firm’s policies and procedures.
Explore Our Services for
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