Over recent years, the role of the risk and compliance professional has become broader in scope. They are often expected to be an expert in the application of solutions in sometimes complex situations, and to be an essential contributor when considering business strategy activities. This is due a combination of increased regulatory burden in the sector as well as external pressures affecting the legal industry. Forward-thinking law firms are beginning to embrace the fact that effective engagement in this area can not only help mitigate the risk of a regulatory issue or destructive reputational incident, but can actually (…and tangibly) increase profits.
As with all business decisions, where risk and compliance are concerned, time, budget and resource considerations come to the fore.
We know from experience that all law firms are different; and so are their requirements. At the outset, we take the time to understand what makes each client unique, ‘what keeps them awake at night’, and what they are looking to achieve by working with us. This approach enables us to tailor a solution to meet their needs, appointing the appropriate experts within our team to provide the appropriate direct support.
For some of our clients, they may not be in a position to budget to recruit for a full time in house risk and compliance professional. And, if they did appoint a person, they would then be limited to the expertise and resource capacity of that individual. In these instances, our clients may look to ‘fully outsource’ risk and compliance activities to us.
Some clients approach us to support them on an ‘interim’ basis, when their dedicated in house support is unavailable for a period of time, or where they are going through a recruitment process to replace a risk and compliance role.
For some of our clients, they may have in house resource support but have identified that there are particular activities that they are less good at. For instance – training and awareness, internal audit, file reviews and corrective action follow up, or complaints handling.
For some of our clients, they require our expertise in delivery of a particular project or initiative. For instance – GDPR, Pricing Transparency reforms, the implementation / maintenance of accreditations (ISO 9001, ISO 9001 or Lexcel).
In practice, this service can include the drafting, reviewing or updating of the following:
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