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Riliance is one of the market leaders in risk & compliance management

Compliance is a key aspect of any regulated business, but it should not be seen merely as a box-ticking exercise to appease regulators. It can be used to show regulators that compliance is an integral part of the business’s culture and that clients are at little or no risk. It can be used to attract clients as well as funding from lenders.

Riliance Consultancy can be designed around a business’s specific needs, whether this

is a one-off project, adhoc advice and assistance, or regular site visits to carry out file

reviews or compliance data reviews. We can also provide a fully outsourced compliance

service (CaaS).

We are in the unique position of not only being able to provide very experienced

compliance consultants, but also a risk and compliance software system that can be

used to record and manage a firm’s compliance and quality related data.

On-Site Compliance Audits

The on-site audit is intended to provide a regulated business with a view of its current level of compliance against its regulatory and/or accreditation obligations.

We don’t just identify the compliance gaps that may exist in a business and leave the

compliance team to it; we also assist in addressing them by updating existing policies

and procedures, or working with the compliance team to replace them completely.

The audit will look at the following areas:

• Structure & Strategy

• Financial Management

• Information Management

• People Management

• Risk Management

• Client Care

• File & Case Management

In-House Compliance Training

Accreditation Consultancy

Compliance training must be provided to all staff otherwise they are unable to act as the eyes and ears of the compliance team. We are able to provide various on-site training courses that can be adapted to fit the needs and circumstances of each firm.

These include:

• Outcomes Focused Regulation

• SRA Handbook

• Identification & Management of Breaches

• Risk Management

• Business Continuity Planning

• Human Resource Management

• Equality & Diversity

• Data Protection

• CQS/Lexcel

Many regulated businesses see the commercial benefits of going beyond their basic compliance obligations, which is why they choose to become accredited to various recognised quality schemes.

These include:

• Lexcel

• Conveyancing Quality Scheme

• Wills & Inheritance Quality Scheme

• Investors in People

• Information Security Management (ISO27001)

• Quality Management (ISO9001)

• Risk Management (ISO31000)

Independent Oversight of Compliance

Oversight of key compliance roles must form a fundamental part of a regulated business’s compliance programme. If it does not, owners and managers could face action by their regulators should a compliance officer make a serious mistake or become involved in unprofessional or illegal conduct.

We provide the specialist independent oversight that is required to ensure the right questions are asked of compliance officers.

We assist businesses by:

• Reviewing compliance performance & internal reporting

• Managing risk appetite

• Reviewing outputs from risk assessment processes

• Proposing & overseeing compliance monitoring requirements

• Monitoring, reviewing & appointment of external auditors

• Reviewing & approval of annual reports and accounts

• Monitoring processes for resolving escalated complaints

Regulator Assistance

Risk Register/Compliance Plan Advice

When dealing with regulators, regulated businesses need to ensure they take a measured and professional approach.

Drafting breach reports for regulators is not easy and needs an appreciation of

what they expect to see. It also requires reports to be drafted in a format that allows

regulators to determine exactly what has happened and whether they need to

investigate further.

We have significant knowledge of the regulatory processes, particularly in the following

areas:

• Reviewing & responding to regulator correspondence

• Completion of FCA & SRA applications

• Alternative business structure applications

• Reviewing SRA authorisation applications

• Completion of CMR applications

• Reviewing material breach reports

• Completion of BSB applications

• Incorporations

• Completion of diversity submissions

We have worked with hundreds of regulated businesses, and therefore have a very good insight into the types of risks that may be encountered, and the mitigation plans that may be appropriate.

We have a number of risk analysts who can identify risks, and the mitigation plans that

are appropriate to reduce exposure or a risk materialising.

We can also conduct a number of compliance risk assessments:

• Practice Area

• Anti-Money Laundering

• Bribery

Training Needs Assessments

Document Reviews

Regulated businesses must be able to show that all their staff are able to provide a proper level of service to clients, but they can only do this if staff training needs have been assessed.

Training is a serious issue and should apply to all staff, and it is important that all staff

have their own training plans, which fit in with the business’s overall business strategy.

We have significant experience in human resource management, and work with

businesses to assess what training needs their staff have so they can then create

effective training plans that show regulators that staff are competent to work with

clients.

Most businesses will have handbooks, procedures, policies etc. in place, but many of these key documents will not have been reviewed for some time, and may contain out of date information or be totally inappropriate for the business as it stands today.

We can review all policies and procedures to ensure they are fit for purpose, these include:

• Consumer contract regulation procedures

• Complaints procedures

• Business handbooks & manuals

We also have a comprehensive precedent bank to assist businesses if they need to

put policies and procedures in place or require template client care documents.

• Client care letters

• Terms & conditions

• Policies

Outsourced File Review

HR Policy Reviews

Our outsourced file review service not only removes the burden faced by regulated businesses, it also means that files are being reviewed by compliance specialists who can spot issues that may be missed by busy fee earners.

We can provide audits in line with the policy adopted by a business, or can recommend question sets that draw

out relevant intelligence that can be used for specific purposes identified by the business. We can also provide

question sets that are specific to certain requirements.

Detailed audit reports are provided, showing where remedial action and further training may be appropriate.

People are the biggest risk to any business, so having appropriate policies in place is critical. Our consultants can review all HR policies and ensure they are fit for purpose and mitigate the risk of staff doing the wrong thing.

Our reviews look at:

• Health & safety

• Equality & diversity

• Learning & development

• Job descriptions

• Recruitment

• Vetting

• Discipline

• Absence

• Induction

• Progression

• Performance management

• Exit

Compliance Data Reviews

SRA Accounts Rules

Regulated businesses should review their compliance data at least annually, and assess whether there are any trends or training needs. We have significant experience of reviewing compliance data and providing businesses with advice on how they should address any issues that are identified.

Our data reviews cover:

Breaches of the SRA Accounts Rules account for the majority of solicitors appearing before the Solicitors Disciplinary Tribunal, and therefore compliance with them is essential.

Our consultants can provide reviews of accounting procedures or assistance with complying with the account rules.

The review will look at:

• Complaints

• Claims

• Referrals

• SAR knowledge

• SARs (MLRO)

• File reviews

• Undertakings

• SAR breaches

• Risks

• Breaches

• Gifts & hospitality

• Current procedures

Based on our findings we will advise businesses if they need to enhance their systems and procedures, or provide training to

staff. We will also advise on whether any non-material breaches should be reported as material due to them forming a trend.

Compliance as a Service (CaaS)

Many compliance officers are also busy fee earners and therefore find it difficult to balance their client facing and compliance duties. Our outsourcing service provides on going compliance support to compliance officers so they can re-focus their attention on their clients and running the business.

CaaS uses technology and systems to join up risk and compliance activity and enable a truly

risk-based approach to monitoring and management. Its activity spans the whole firm,

across all staff and partners. It ranges from individual matter management and review, up to

overall business governance and strategy.

We can:

• Maintain risk registers

• Deal with claims

• Manage complaints

• Undertake file reviews

• Review referral arrangements

• Carry out periodic reviews of risk data

• Report to partner/main boards on compliance matters

• Provide compliance training

If you would like to know more about CaaS, please get in touch.

Events

Our consultancy experts regularly deliver webinars and seminars covering important industry updates and news stories.

To find out more about our upcoming seminars,

webinars or to request a speaker please visit our

website for the latest dates, topics and to book.

Registered Address: Unit 6, Portal Business Park, Tarporley, Cheshire, CW6 9DL

Registered in England and Wales 06777866

0845 362 3250 | info@riliance.co.uk | www.riliance.co.uk

Excellence in consultancy

Registered Address: Unit 6, Portal Business Park, Tarporley, Cheshire, CW6 9DL

Registered in England and Wales 06777866

0845 362 3250 | info@riliance.co.uk | www.riliance.co.uk