The Law Society is to extend its range of risk and compliance services for members.
Launched at the Law Society’s annual Risk and Compliance conference today, the new consulting service will offer high quality advice and support specific to the needs of individual firms, helping them to meet developing regulatory requirements.
The aim is to provide clarity and reassurance to firms and in particular to provide COLPs and COFAs (Compliance Officers for Legal Practice and Finance and Administration) with the necessary guidance and help to exercise their risk and regulatory compliance roles effectively.
Law Society chief executive Desmond Hudson said:
“We have offered a range of risk and compliance support services for some time including a risk and compliance membership package, which incorporates continuously updated information, diagnostic support and the Riliance software solution.
“Many members are telling us of their increasing concerns about fulfilling their regulatory obligations and are looking to the Law Society for more comprehensive advice and support. We have amassed considerable expertise in this area and are keen to share it with our members. This new consultancy service has been developed to meet their needs.”
Entry level service is via a telephone evaluation and assessment of a firm’s risk profile. The price, of £50, will be refunded if any further services are subsequently purchased.
Step two is a full day visit from a Law Society risk and compliance consultant, who after having interviewed key staff and reviewed documentation on site will provide traffic light scores against twelve risk and compliance priority areas.
Further steps, based on the assessed needs are optional and vary from a more in depth report with actions and priorities to fully tailored, bespoke consultancy services.
The new service was unveiled to over 250 delegates at the Law Society 2013 Risk and Compliance conference, in London today (Friday 15 March 2013).