It is mandatory for every SRA regulated firm to appoint a person as the nominated Compliance Officer for Legal Practice (COLP) and a person as the Compliance Officer for Finance and Administration (COFA). The role of COLP and COFA can be carried out by the same individual.
Compliance officers are an essential part of a practice’s compliance and governance arrangements. They are instrumental in creating a culture of compliance throughout the firm and it is important that they ensure that they are in a position to carry out their role effectively.
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For a free initial discussion and for a no-obligation quote, please call us on 0330 133 8783 or email [email protected].
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Training
The responsibilities placed on compliance officers are broad and while the responsibility for compliance ultimately rests with the managers of a practice, compliance officers may also find regulatory action is taken against them personally if they fail to meet their responsibilities. In order to carry out the roles effectively and to completely cover yourself and the firm, it is vital to receive the correct training, so you have the skills and are fully aware of your responsibilities within the role.
Attendance at this course will also be helpful for those stepping into either of the reporting officer roles by way of replacement or to anyone seeking to set up a new practice through the SRA’s authorisation process. In both cases, the SRA will be likely to question the degree of understanding by the proposed office holders of their roles and responsibilities and an awareness of the array of issues under their control.
Training Course Overview
COLPs and COFAs have extensive duties and responsibilities. The training courses use widespread experience to provide practical advice and guidance to COLPs and COFAs and to answer some of the most common questions.
Some of the questions the courses will aim to answer are:
- How can the COLP/COFA best tackle their duties?
- What are the risks and responsibilities?
- What does the COLP/COFA have to do in practice?
- Can the COLP/COFA face personal liability?
COFA
The COFA course is aimed at Senior and Managing Partners, Finance Directors and Managers together with Risk and Compliance Managers that are involved with SRA compliance. It also considers the impact of SRA changes to the Accounts Rules that come into force 25th Novemeber 2019.
The Compliance Officer for Finance and Administration within a firm has a special responsibility for ensuring that clients’ money is handled in accordance with the SRA Accounts Rules and that any breaches of the SRA Accounts Rules are documented and reported back to the SRA.
This course has been developed to provide COFA’s, who have a non-financial background, with a deeper understanding of what can go wrong within a firm. The main focus of this course is to ensure that the COFA fully understands the importance of bank reconciliations (both client and office) and the warning signs which could indicate potential problems when reviewing reconciliations prepared by others.
COLP
The COLP course is comprehensive and practical, designed to tackle all the responsibilities attached to the vital role of the Compliance Officer for Legal Practice (COLP). This central position is critical in ensuring that the firm meets its regulatory obligations under the SRA Handbook.
It is aimed at COLPs, Partners, Risk and Compliance Managers and those involved in a compliance role as this course addresses all aspects of the specific obligations attached to the COLP function.
The Courses Will Cover The Following Important Areas:
- The roles of COLP and COFA – an explanation or reminder
- Compliance materials and reporting obligations
- The Code of Conduct and the Accounts Rules – likely breaches
- The duties to monitor, record and possibly report
- Compliance update, including the GDPR
We are flexible and the training courses can be combined, or we can arrange for them to be done separately for COLP and COFA’s. We can perform these on-site specifically for your firm.
How To Get In Contact
As specialists in the legal industry, we can assist you wherever you are based. To learn more about how we can help you, then contact us today for a free initial discussion, please call us on 0330 133 8783 or email [email protected].
