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An independent risk and compliance gap analysis can help your law firm identify weaknesses in its policies, procedures and day-to-day practices before they develop into more serious issues. Legal Eye will review key areas of your firm’s risk and compliance arrangements and provide a clear written report identifying any gaps and recommended corrective actions.
What is a risk and compliance gap analysis?
A risk and compliance gap analysis is an independent review of your firm’s existing arrangements against relevant regulatory requirements and recognised good practice. It helps identify where documents, controls or working practices may need to be introduced, updated or strengthened. The findings can then be used to prioritise improvements and support the firm’s ongoing compliance programme.
Your firm could benefit from an independent compliance review if:
What’s included?
In one day the Legal Eye team will review a wide variety of risk and compliance areas providing a written report identifying any corrective actions recommended as a result of the audit.
The gap analysis covers:
Company Documentation
- Client Care Documentation and Regulatory Requirements
- Client care letters for each work type
- Terms of Business for each work type
- Letterheads and Facsimile Headings
- Invoices
- Email footers
- Website
- ICO / FCA Registrations
- Professional Indemnity Insurance
Risk Management Framework (Office Manual)
To ensure compliance with the current Code of Conduct.
- AML and Mortgage Fraud
- Equality & Diversity
- Anti-Bribery
- Vulnerable Clients etc
Registers
- Risk Register
- High Risk Register
- Complaints Register
- Outsourcing Register
- Criminal Finances Act 2017 Suspicious Activity Report Register
- Gifts and Entertainment Register
- Register of Interests
- Declined Instructions Register
- Barristers and Experts Register
- Recommendation of Third Parties to Clients Register
- Undertakings Register
Plans
- Strategic Business Plan
- Business Continuity Plan
- Learning and Development Plan
- Information Technology Plan
- Other Compliance Requirements
- File Checklists / File Opening Forms
- Risk Management Processes / Supervision
- Fee Sharing and Referral Agreements
- Outsourcing
- Training Provision
File Reviews
- A selection of files across work types for each fee earner
Other Compliance Requirements
- File Checklists / File Opening Forms / Risk Management Processes / Supervision
- Fee Sharing and Referral Agreements
- Outsourcing Training Provision
What will your firm receive?
Following the review, your firm will receive a written report outlining the areas examined, any gaps identified and the corrective actions recommended. This provides your firm with a practical framework for prioritising improvements, allocating responsibilities and monitoring progress.
Initial discussion | Independent review | Report and recommendations
Speak to Legal Eye about your firm’s current arrangements and how an independent review could help you identify and prioritise areas for improvement.
FAQ:
• What is a risk and compliance gap analysis?
A risk and compliance gap analysis is an independent review of your firm’s existing risk and compliance function against relevant regulatory requirements and best practice.. It helps identify where documents, controls or working practices may need to be introduced, updated, or strengthened.
• Which law firms can use the service?
We can work with any size / any service type of firm.
• How long does the review take?
The review will take a day.
• What documents will firms need to provide?
We will provide you with a list of documentation we require in advance of the audit, for example, your office manual (policies and procedures), registers, and plans.
• What areas does the gap analysis cover?
The review will cover Client Care, Risk Management, Registers, Plans, and a selection of File Reviews.
• What will firms receive after the review?
Following the review, your firm will receive a written report, which will be graded using the ‘RAG’ framework which will help highlight the gaps we’ve found.
• Can Legal Eye help to complete the corrective actions?
Yes – we can provide a tailored service to help remedy the outcome of the review.
• Is the review completed remotely or on-site?
The review will be completed remotely, however if required we are able to complete it on-site.
