Reporting to the SRA - A ‘How To’ Guide for COLPs & COFAs

Introduction

The SRA expect COLPs and COFAs to actively manage risk and to report breaches and individual concerns to them in a consistent and credible manner.

How can the COLP and COFA best tackle their reporting duties?

• What are the risks and responsibilities when reporting?
• What does the COLP and COFA have to do in practice?
• How to manage the over and under reporting risks?
• When the COLP or COFA may face challenge or investigation where no report is made?

This new virtual classroom seminar will cover the reporting obligations of the firm, individuals within the firm and the key roles of the COLP and COFA.

The course starts with a practical review of the Compliance Officer function, the evolving expectations from the SRA and then zeros in on managing the risks of a reporting decision.

What You Will Learn

This live and interactive session will cover the following:

• What is expected of the COLP and COFA?
• Authorisation rules 8 and 9 and the impact of these in practice
• Code of Conduct for firms Standard 9 - what does it mean to you as a COLP or COFA?
• Firm-based regulation - identifying fault
• Monitoring, recording and reporting breaches to the SRA
• Effective systems and controls - identifying breaches
• The relationship between you and your regulator
• The role of legal privilege in reporting
• Self-reporting and reporting others
• What constitutes a serious/material breach?
• Raising concerns - SRA guidance
• SRA enforcement policy
• Priority risks for the SRA
• Whistleblowing
• The role of the COLP and the COFA in the future

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.