File Auditing for COLPs - A Roadmap - Live at Your Desk
Most firms have an audit programme but some of them were launched decades ago when practice was very different. Many of those programmes have failed to evolve to meet the needs of today’s law firm. Other audits were launched as ‘window dressing’ because it was felt that the firm should have procedures in place but without any clear objectives or focus on the value it could deliver. Times have changed and so should your audit programme.
Whatever 2021 brings, and 2020 taught us in no uncertain terms to expect the unexpected, it pays to ensure that your systems and procedures are up to speed. In uncertain times, managing risk and compliance becomes more, not less important. As the only evidence for the service you deliver is found on your files, audits play a crucial role in monitoring risk and compliance.
This new virtual classroom seminar will prompt COLPs and others responsible for file reviews to rethink their processes, making them more dynamic and relevant. As well as reflecting regulatory changes introduced by the SRA in 2019, it will also cover the growth in remote working and the challenges posed by a hard-professional indemnity insurance market.
By the end of the session, COLPs and others responsible for their firm's file auditing will have a clear roadmap for a much-improved process.
What You Will Learn
This live and interactive session will cover the following:
- Why have an audit process?
- What should your strategic objectives be?
- How to manage the costs of an audit while still delivering real benefits
- Learn to spot the hallmarks of an ineffective audit programme
- How to turn an under-performing file review process into a great file audit process
- Learn how to unbundle the process and improve each step
- Should you choose long question sets or fewer, targeted questions?
- Why reflecting the SRA’s Standards and Regulations in your process is important
- Is random file selection the best policy? Learn how to target files like an insurer or regulator
- The regulatory context and the requirements of the various accreditation schemes
- Are different approaches required for paper and electronic files?
- The challenges posed by home working
- Should you audit new staff, newly qualified lawyers or lateral hires differently? What about partners?
- How to wow your professional indemnity insurer
- How to tackle issues such as inconsistency, delay or perceived unfairness
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.