COLP Duties & Responsibilities - A Regulatory Toolkit

Introduction

The key position of the Compliance Officer for Legal Practice (COLP) is vital in ensuring that the firm meets its regulatory obligations under the SRA Standards and Regulations. The COLP role also carries personal liability.

So, how can the COLP best tackle their duties?

This in-person seminar has been designed to support COLPs and prospective COLPs, and anyone with a compliance or managerial role in private practice.

Presented by compliance expert Tracey Calvert, this session will cover the regulatory obligations of the firm, individuals within the firm and the key role of the COLP.

You will receive examples of regulatory supervisory and enforcement action, and checklists to ensure that the COLP can demonstrate that there are fulfilling their responsibilities. You will also be encouraged to share your own experiences and examples of best practice.

What You Will Learn

This course will cover the following:

• The reasons for regulatory interest in compliance
• The firm’s authorised status and challenges to ongoing authorisation
• What’s expected of the COLP - Authorisation of Firms Rules
• The COLP job description and role in managing the SRA relationship
• A consideration of other key risk roles in the firm
• Essential knowledge for the COLP role holder:
• SRA Principles - professional duties and overspill into private lives - should the COLP be concerned?
• Key conduct requirements - client relations, effective communication, conflict and confidentiality management, internal relationships, and treatment of others, controlling undertakings etc.
• Is it just ethics? Considering compliance with legal duties - AML, financial services, data protection etc.
• Why is the SRA interested in how the law firm is run and what are good business and compliance systems?
• How does the COLP ensure accurate records of compliance?
• The COLP compliance toolkit - policies, effective supervision, training
• Horizon-scanning - how to keep on top of changing regulatory landscape