Remote outsourced file reviews are your COLP’s perfect partner
Why do firms need to do file reviews?
File reviews are an essential part of your firm’s armoury in combatting risks which can cause serious harm to your business – and your stress levels – if left unmanaged. A good process for file reviews which is carried out consistently and where the findings are acted upon is a critical tool that a firm’s management can use to ensure risk and compliance thereby protecting yourself, the firm and your people.
Giving your file reviews an objective view
The SRA AML Conference had a clear theme around enforcement, with notable points being:
- Failing to reply to information requests
- Failure to identify risk
- Failure to have policies
- Failure to do CDD
- Lack of info on Source of Funds/Wealth
- Failure to notify where doing work as trust or company service provider.
Reviewing files is a key and core component of your compliance processes and controls. They help you find out the following:
- What staff are working on
- Service levels
- Case progression
- Technical competence.
With the two windows for insurance, and with the post-covid world of hybrid working, insurers do ask about firms’ remote working procedures on PII renewal. Taking your file reviews seriously can help to demonstrate that your firm is on top of managing risk.
Having your COLP appoint an external reviewer/team can really help firms run their business more smoothly by detecting issues early, tracking trends and gathering essential management information for the practice. Additionally, it ensures that file reviews will actually happen. Your firm will also benefit from the external provider’s experience; being benchmarked against other firms can really help.
The results of external file reviews help to demonstrate to both insurers and regulators that file reviews are taken seriously and investment is made in compliance regimes and that there is a healthy compliance culture.
Outsourcing to Legal Eye is a quick and keenly priced way to get reviews back on track and pick up on any risks and trends from the reviews.
Our team are all experienced associates, having worked as solicitors, regulatory professionals, and senior in-house risk and compliance advisors in law firms.
Legal Eye are keen to help all firms with their file reviews, get in touch today.
Email [email protected] or phone 020 3051 2049