The A-Z of compliance for law firms: top tips and practical advice

Brian Rogers

Regulatory Director

Now that many people are working from home and away from the direct gaze of their supervisors, we thought we would provide you with a guide that can be distributed to your staff to remind them of their compliance obligations.

With the Solicitors Regulation Authority carrying out numerous thematic reviews this year (AML, competency, transparency, etc.) it is essential that you are able to show you are doing all you can to ensure compliance with the SRA Standards & Regulations.

Feel free to use this A-Z as you feel fit, for example, by turning it into a small desk poster.

A - All staff must play a role

B - Breaches should be minimised

C - Compliance must be a part of your business culture

D - Diarise all key compliance dates

E - Ensure you comply with the SRA Standards & Regulations

F - Fulfil your compliance obligations

G - Get compliance buy-in at all levels

H - Have an effective compliance plan

I - Include all staff in your compliance training

J - Joined up thinking reduces risk

K - Keep your systems and procedures up to date

L - Let everyone know who the key compliance officers are in the firm

M - Make sure all staff comply with the Money Laundering Regulations

N - No one can be allowed to be non-compliant

O - Operate a no-blame culture

P - Policies and procedures are there to be followed

Q - Question everything

R - Report breaches to the COLP/COFA immediately

S - Stay vigilant for all aspects of crime

T - Take nothing for granted

U - Underestimate risks at your peril

V - Verify who you are dealing with at all times

W - When in doubt, ask

X – X marks the spot you will be on if regulators don’t like what you are doing

Y - You should not turn a blind eye to non-compliance

Z - Zero effort is not acceptable

 

Making sure you and your staff remain compliant not only keeps the regulator from the door, but also shows your clients and other third parties that your firm can be trusted to always act in their best interests!  

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