COLPs & COFAs - Tips & Tactics for Best Practice

Introduction

The SRA Standards and Regulations that were launched in November 2019 may have reduced the size of the rule book but that doesn’t mean that your job is any easier. Arguably, less prescription makes it harder to do the right thing, especially when you must balance the time spent on regulatory duties against the inevitable pressure from your partners.

What does the SRA expect from compliance officers?

Is it possible to juggle your responsibilities as a COLP or COFA with your 'day job' as a lawyer?

This webinar is aimed at those who are already familiar with the roles and will focus, in a practical way, about how you can go about discharging them.

What You Will Learn

This webinar will cover the following:

• A review of the changes introduced by the SRA Standards and Regulations:
  • Two for one: two new Codes
  • Focus on key aspects such as ethical conduct, supervision and the Accounts Rules
  • A refresher of the Transparency Rules 2018, andThe SRA Enforcement Strategy
• Next steps:
• Review your office procedures manual for ‘quick wins’
• Identify policies and procedures that may need review
• Prioritise higher risk areas (which should include AML, supervision and audit)
• The likely impact on your current role:
• Reading between the lines of compliance obligations
• Setting new parameters
• Reviewing record keeping and internal reporting protocols
• Compliance training for partners and staff
• Managing your duties:
• Sharing obligations and responsibility
• Tensions between your compliance duties and dealing with client work
• Firefighting and time management
• Justifying decisions
• Reliance on external support and accreditation schemes
• Reporting to the SRA

This webinar was recorded on 3rd June 2020