Adapt it correctly and it can help you build a process that works  

The Solicitors Regulation Authority’s (SRA) recently-released template for client and matter risk assessments is just the beginning of a firm’s assessment journey with its clients and matters. The templates were created to guide firms and help them understand the SRA’s requirements and expectations and, significantly, how to comply with them. 

The template highlights the questions firms should be asking, how important it is to maintain documentation and that firms need to record their considerations.

In light of the SRA template, how does a firm build a client and matter risk assessment process that works?

Continue reading

Template available in Omnitrack 

In a session on anticipated increased AML regulations at the Law Society’s recent Anti-Money Laundering and Financial Crime Conference 2023, the Solicitors Regulation Authority’s (SRA) representative made an announcement: The agency would be releasing a client and matter risk assessment template.

Anyone attending the conference could hear the sighs of relief from the participants, many of whom are in charge of compliance for their firms.

The template is now available and it could make a huge difference in how law firms manage their client and matter risk. 

Continue reading

The Solicitors Regulation Authority says it is keeping up to date with emerging risks and trends

An updated anti-money laundering (AML) and terrorist financing (TF) sectoral risk assessment was just published by the Solicitors Regulation Authority (SRA) that covers proliferation financing and sanctions. 

The regulatory body, which oversees solicitors in England and Wales, also noted that firms are not allocating sufficient resources to AML work as an emerging risk, mostly due to increased economic pressures. 

Continue reading

They want to know how your law firm handles financial sanctions  

Last month, the Solicitors Regulation Authority (SRA) released a questionnaire compelling law firms to report on their firm’s approach to financial sanctions. The survey is due on May 31.

A few of your key questions about this survey are answered here.

Continue reading
What are the benefits of ESG?

Climate change poses serious risks to companies and not just those with asset-heavy supply chains. Even the most flexible, digital professional services companies may be vulnerable.

Thus, all companies need to understand the risks posed by climate change – as well as the opportunities. Companies that prioritise climate risk management will be better positioned to withstand its effects and capitalise on new opportunities.

Continue reading

From new ESG regulations to a crackdown on bribery, rapid fluctuations in crypto currency, changes to the regulated sector and the ongoing conflict in Europe demanding a laser-like focus on the supply chain, 2023 looks set to demand even more from compliance professionals.

We have created an in-depth guide to everything compliance in 2023. The guide covers the top ten items you can expect to see in your regulatory inbox, with tips on next steps.

Continue reading

Findings from the SRA’s recent thematic review included the insight that firms need to have stronger evidence that supervision is taking place. Out of 76 files reviewed by the SRA, only 29 of them showed evidence of supervision taking place. Therefore, in their new guidance, the SRA has included a section on effective supervision that is applicable to all solicitors and firms that supervise individuals delivering legal services, including services that are provided by fee earners who are not directly regulated by the SRA.

The new guidance also stresses that merely having supervision in place is not sufficient to fulfil firms’ regulatory obligations; rather, supervision needs to be effective. Therefore, firms should take proactive steps to ensure that supervision is effective and that supervisors are being held accountable.

Continue reading
Modern Slavery Freedom

Modern countries are fighting forced labour and human trafficking with legislation that makes it harder to use forced labour in their supply chains and profit from it. Modern slavery acts in the United Kingdom, United States, and other countries around the world are requiring large companies to disclose information regarding their efforts to eradicate human trafficking and slavery within their supply chains. The legislation also requires companies to take concrete steps to combat modern slavery when it is discovered. The US has recently introduced the Slave-Free Business Certification Bill 2022.

Slave-Free Business Certification Bill of 2022: What is it?

With this recent bill, the US is joining the growing list of countries requiring businesses to examine more extensively possible problems with modern slavery in their supply chains. If passed, the bill will require large companies to undergo mandatory audits that will identify if they are or are not using forced labour within their supply chains.

Continue reading

What is ESG?

The acronym stands for Environmental, Social and Corporate Governance, and refers to three central factors in measuring the sustainability and societal impact of a company or business. 

Global businesses are no longer working on environmental, social and governance issues in a silo. They are bringing them together under the banner of ESG to demonstrate the positive impact their existence is having on the world.

The webinar

VinciWorks recently held an on-demand webinar covering everything ESG: a new, more holistic approach to corporate accountability.

In this webinar, our experts explored the future of corporate accountability rules, and how to stay on top in the changing world of corporate compliance.

The webinar covered:

  • New ESG regulations in the UK, US and EU
  • How to undertake an internal ESG audit
  • Preparing for ESG reporting and regulatory disclosures
  • What VinciWorks can do to help with ESG compliance
  • Your questions on ESG reporting and compliance
Continue reading

Getting third-party risk management right is critical for businesses. Join VinciWorks and CoreStream for a special webinar on ensuring effective procedures for extended enterprise management. We’ll dive into how to identify and mitigate risks through effective and efficient processes and what to consider when implementing risk-based third-party due diligence.

The webinar covered:

  • What do third-party risk management and vendor risk management cover?
  • How deep down the supply chain should risk management go?
  • What kind of risk factors should be considered?
  • What data should be collected from third parties?
  • Answering attendee questions

Watch now

Continue reading