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A Culture of Compliance - How do we effect this?


It has historically been the case that compliance and regulatory issues within law firms and financial institutions has largely been based on a ‘hope for the best’ approach’. However, with the introduction of the SRA Code of Conduct 2011 this will no longer cut the mustard with the change in the rules. It is now more important than ever that directors and compliance officers are clear as to what is expected of them and the only way they will effectively be able to do this is by looking at their own patterns of corporate behaviour, and taking responsibility for them. It has to be a ‘top down’ approach and no individual within an institution will be immune from sanctions imposed upon them if they refuse to engage in that process.

Of paramount importance here is the need for the implementation of systems and controls that are tailored specifically to their organisations. These systems will need to be regularly reviewed and tested to ensure that they are delivering the requisite results but, at the same time, does not become an unnecessary burden for fee earners.  Compliance Manager is a unique system that ensures that all individuals within a firm are tasked with having to provide information, keep cases under review and follow up any enquiries/issues that are flagged up. The system allows fee earners to get to the core of what is expected of them under the new rules and the changes to compliance processes and provides them with the tools to ensure they are acting in the best interests of the firm and their client.

The moral of the story seems to be therefore that time, resources and effort must be devoted to ensuring compliance and regulation is dealt with effectively to ensure the best success and it must become a culture right across the corporate structure if organisations are to even hope of coming out of any investigatory process with their reputations and their financial stability unharmed.

Compliance Manager provides that with ease, allowing individuals to get on with the day to day role of being a solicitor, whilst maintaining their corporate obligations and keeping the regulators happy. It delivers the right structure and the right training for employees to set up proper and effective audit procedures that allow the right checks to be made at the right time so that any issues can be dealt with in a cost effective, efficient and timely manner, before the SRA comes calling.

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