Annual declaration tracking best practice – download our guide

The complications of declarations

Many organisations collect data from employees for compliance and regulatory purposes on a regular basis, but current processes and tools have major shortcomings. With current processes, it’s hard to track who has and hasn’t filled out forms, challenging to keep track of forms, especially in large firms, and regarding annual forms or declarations, it’s annoying to have to keep filling out the form again and again, when 95% of the data stays the same.

Our guide to Annual Declarations

Annual declarations dashboard
Our annual declarations tracking tracking dashboard allows admins to get a centralised view of every declaration.

If you are feeling confused about what the best way is to handle annual reporting, we’ve got your back. Our best practice guide to annual declarations tracking is based on our study of the process at tens of firms. The guide introduces readers to Omnitrack’s Annual Compliance Declaration Tracker, which allows compliance managers to easily get all staff on board with annual declarations, ensuring your organisation stays on top of its requirements. Key features of our tracker that are

Click here to access our best practice guide to annual declarations tracking.

Professional Indemnity Insurance (PII) for FCA firms – What you need to know

What is Professional Liability Insurance (PII)?

Professional liability insurance, also known as errors and omissions (E&O) insurance, is a type of coverage that protects professionals and organisations from liability claims arising from their professional services or advice. It provides financial protection for legal defence costs, settlements, or judgments if a client alleges that the professional’s actions, advice, or negligence caused financial loss or harm. This insurance is essential for professionals across various fields, including medicine, law, accounting, architecture, engineering, consulting, real estate, and technology, as it safeguards their assets and reputation from the potential financial consequences of lawsuits or claims related to errors, omissions, negligence, or breaches of duty in their work.

What does Professional Liability Insurance cover?

Professional Indemnity Insurance (PII) covers organisations for compensation claims made by clients or other third parties. The FCA explains: 

“Professional indemnity insurance (PII) is liability insurance that covers firms when a third party claims to have suffered a loss, usually due to professional negligence.”

Professional Liability Insurance typically covers the following aspects: Professional Negligence, Legal Defence Costs, Errors and Omissions, Breach of Confidentiality, Libel or Slander, and Legal/Regulatory Compliance.

Continue reading

International Standard on Quality Management (ISQM) 1: What you need to know

In September 2020, the International Standards on Quality Management approved the ISQM 1, ISQM 2 and the International Standard on Auditing (ISA 220 Revised).

The three Quality Management Standards are the culmination of the response of the International Auditing and Assurance Standards Board (IAASB) to a series of high-profile audit failures. The new standards are a response to the changing environment, the challenges of the effectiveness of our pre-existing quality control standards, and growing market participant needs. It will result in a set of standards that are aimed at a more robust System of Quality Management for firms.

Continue reading

On-demand webinar: Data Protection — What the UK wants to change

The UK government’s consultation on reforming data protection, launched on 9 September, sets out a radically different framework for data protection than GDPR. From re-orientating the Information Commissioner’s Office to new ways for businesses to process data, these far-reaching reforms are set to have a significant impact on business.

Although the plans have been announced in consultation and not every proposal may make it into law, the direction of travel has been clear for some time. The UK plans to make it much easier for most businesses to use data, and get the most from data, while still ensuring strong levels of protection.

In this short video, our Director of Learning and Content takes us through what the potential changes are and how they might affect the way we process data.

Watch now

Significant changes planned for UK data protection law

Here’s what you need to know about the UK’s plans to radically alter GDPR

The UK government’s consultation on reforming data protection, launched on 9 September, sets out a radically different framework for data protection than GDPR. From re-orientating the Information Commissioner’s Office to new ways for businesses to process data, these far-reaching reforms are set to have a significant impact on business.

Although the plans have been announced in consultation and not every proposal may make it into law, the direction of travel has been clear for some time. The UK plans to make it much easier for most businesses to use data, and get the most from data, while still ensuring strong levels of protection.

“The government wants to remove unnecessary barriers to responsible data use. A small hairdressing business should not have the same data protection processes as a multimillion-pound tech firm. Our reforms would move away from the “one-size-fits-all” approach and allow organisations to demonstrate compliance in ways more appropriate to their circumstances, while still protecting citizens’ personal data to a high standard.” Department for Culture, Media and Sport.

Continue reading

LSAG AML guidance – Practical tips for compliance

This is the sixth blog in series to help law firms grapple with the latest Legal Sector Affinity Group (LSAG) guidance on the Money Laundering Regulations.

In this series, we looked at some key points from the LSAG Guidance on the Money Laundering Regulations 2017. This included the different types of risk assessment which firms should undertake, as well as the general importance of the risk-based approach. We also discussed the need to undertake CDD on clients, and the various levels which can be applied in different situations (standard, simplified or enhanced).

In this, the last in our six-part series, we will address some of these points from a more practical perspective, and look at how technology can both save you time and help you remain compliant. We will also set out some of the potential problems posed by the use of technology, and explain how these can be averted. 

Continue reading

Diversity and inclusion – Be the solution: Why bystander training works

What is bystander intervention training?

Bystander intervention training is an educational program designed to equip individuals with the knowledge and skills to safely and effectively intervene in situations where harm, harassment, or violence may occur. The training aims to empower bystanders to take action and prevent or diffuse potentially harmful situations. It typically focuses on developing skills such as recognising warning signs, assessing risks, and employing appropriate strategies to intervene, such as distraction, delegation, or direct intervention. Bystander intervention training is commonly used in the context of addressing issues like sexual assault, bullying, discrimination, or other forms of misconduct.

What is the difference between traditional diversity and harassment training and bystander intervention training?

Organisations have been trying to address sexual harassment and diversity and inclusion training for decades now, but the efforts have been largely unsuccessful. In recent years, the need for effective training has come to light again as a result of the widespread sexual misconduct allegations that inspired the #metoo movement, and a more diverse workforce than ever. 

Continue reading

Try our social media knowledge check

Today, social media blurs the boundaries between our once distinct personal and professional personas, and the way we present ourselves online has rapidly become the marker of who we are in the real world. VinciWorks has a knowledge check to complement our course Social Media: Communicating at Work to help organisations test their staff’s knowledge of social media, including the possible dangers and pitfalls of using social media at work.

Knowledge checks consist of different scenarios to help employees understand which course of action to take in different situations. We recommend knowledge checks be used alongside the full-length social media compliance course.

Continue reading

On-demand webinar: Diversity – Managing reasonable adjustments in the age of hybrid work

Diversity webinar

As COVID-19 restrictions are lifted and businesses begin to return to the office, companies are taking a variety of approaches to managing the transition. While some are staying at home for now and others have gone back full time, most are opting for a hybrid working policy. But many people are anxious, or at least conflicted, about returning to in-person work, with these worries likely to be exacerbated for those requiring reasonable adjustments.

During our webinar, we delve into the challenges faced by disabled staff during the pandemic, and the impacts on inclusion in changing workplace practices. We will also discuss how to ensure reasonable adjustments are made for disabled staff, and how to ensure all staff feel included in return-to-office policies.

We were joined by disability and reasonable adjustment experts:

  • Daniel Holt, Founding Chair of the Association of Disabled Lawyers
  • Pam Duncan-Glancy MSP, first permanent wheelchair user elected to the Scottish Parliament

The webinar covered:

  • What are reasonable adjustments?
  • How to make workplaces more accessible
  • Reasonable adjustments and the law in a pandemic
  • Best-practice guidance for return to the office policies
  • What does effective inclusion training look like?

Watch now

Continue reading

VinciWorks launches Diversity and Inclusion four-course suite

Diversity has become an important component of a successful business, and employers have a responsibility to ensure a culture where people from all backgrounds feel welcome. But what’s the best way to create a work culture in which everyone, from the CEO to the managers to all employees, embraces diversity and promotes equality? What is the best way to effectively train on respectful engagement with others? What about training for managers; what is the most effective way to make managers aware of their responsibilities, with training that does not feel judgemental?

VinciWorks is excited to announce it has released a new, innovative diversity suite that will provide solutions for all of these issues and more. The new suite includes four different courses, each with a different focus.

Continue reading