Risk Compliance & Gap Analysis
In the ever-changing regulatory climate, law firms and ABS’s need to be aware of new and changing laws, requirements and organisational risk. The aim must be to create a culture of proactive compliance and risk management – but this is no simple task.
For the last 17 years I have trained and worked in law, but my services for clients now are about practical realities, rather than legal nuances. As a former assistant to the Head of Risk Management and Compliance at a well-regarded City firm, I have worked with a range of clients to bring strategic direction and commercial focus to achieve clients’ goals.
Compliance - Work Examples
Some examples of our Legal Compliance work:
- Advising a global firm on its new business intake systems and approach
- Advising a Top 30 UK firm on its approach to SRA compliance
- Auditing a Top 30 UK firm on their file management and general SRA compliance
- Assisting with the launches of offices for US firms in the UK and in other jurisdictions
Compliance - Services
Ascentant's Legal Compliance Services include:
- Designing strategic risk, regulation and compliance frameworks
- Advising and supporting COLPs on their day to day duties
- Drafting policies, procedures and processes
- Implementing the aforementioned
- Implementing new business intake systems
- Undertaking client due diligence
- Conflict checking and advising on conflicts of interest, establishing Chinese walls etc.
- Gap analysis or ‘health checks’ to identify gaps in compliance
- Development and implementation of a compliance risk register
- Advising and preparing self-reporting breaches to the SRA
- Providing training and updates on areas of relevance e.g. anti-money laundering, anti-bribery and corruption
- Undertaking compliance audits and reviews on internal client / matter files and providing constructive feedback on findings
Ascentant undertake numerous checks on its clients to ensure compliance with the Solicitors' Accounts Rules.
We are able to undertake gap analysis reports for legal practices to ensure that they are compliant with the Solicitors' Accounts Rules and not at risk of breaches.