The Law Society Masterclass Series - COLPs and COFAs: Spearheading compliance in the age of outcomes-focused regulation
| Price: |  |
PC Holder £495 + VAT Non-PC Holder £595 + VAT Member of the Risk and Compliance Service or Law Management Section £450 + VAT PC Holder working in NFP £395 + VAT |
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| Start Date: | |
19-03-2012 |
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| CPD hours: | |
6.00 |
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| Event type: | |
CPD Seminars |
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| Location: | |
Manchester TBC |
| Region: | |
North West United Kingdom |
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Thursday 6 October 2011 heralded the SRA’s outcomes-focused and far less prescriptive approach to regulation. The changes require every firm to look at how they run their business and whether their systems and procedures are appropriate and effective. Principle 8 states that it is now a requirement to ‘run your business or carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles’, while principle 7 requires that you ‘comply with your legal and regulatory obligations and deal with your regulators and ombudsmen in an open, timely and co-operative manner’. You are therefore required to not only run your practice with robust business and risk management principles in mind, but also be able to evidence to the SRA what you have put in place. To facilitate this new reality, the SRA has created two new compliance roles.
By 31 October 2012, every firm must appoint a compliance officer for legal practice (COLP) and a compliance officer for finance and administration (COFA) (individuals with the appropriate skills may hold both roles) to ensure that firms have senior members of the team making compliance a top priority for their firm.
Applications for these officers must be submitted to the SRA by 31 March 2012.
Why attend?
This one-day masterclass will cover:
• the new regulatory regime – an overview of outcomes-focused regulation
(OFR) and risk-based regulation (RBR);
• how COFAs and COLPs are designed to support OFR and RBR;
• appointing a COFA and COLP – what you need and what to expect;
• the Law Society’s plans to support you in your role – help is at hand;
• for legal disciplinary partnerships, alternative business structures
and sole practitioners – ways to comply; and
• what to do if things go wrong – ensuring continuing compliance.
Who should attend?
This training course is suitable for:
• risk and compliance partners/general counsel;
• risk and compliance managers (non-partner);
• risk and compliance officers;
• claims and complaints officers and/or money laundering reporting officers;
• practice managers;
• managing partners;
• finance directors;
• compliance officers for legal practice (in waiting); and
• compliance officers for finance and administration (in waiting).
Time
Registration: 08.30
Course: 09.00 – 17.00
For more information about Law Society events e-mail: events@lawsociety.org.uk