Straight talk on aligning regulatory priorities from panellists at the Law Society’s Risk and Compliance Annual Conference
Many law firms’ regulatory priorities are determined by outside forces, such as regulators or guidance. But, as Richard Farquhar, financial crime and risk manager for Ashurst, noted, firms can’t just focus on that. They need to look at wider obligations and determine what the risks are.
Farquhar moderated a panel at the Law Society’s Risk and Compliance Annual Conference 2024 that focused on how law firms can manage their compliance in the current regulatory environment.
Andy Donovan, managing director and founder of VinciWorks’ Compliance Office, said that firms need a more bespoke approach. Customised compliance is more effective, he noted. Get specific, he counselled, and make sure you have audits in place. if you’re not checking it, it’s not happening, he added.