As the nominated Compliance Officer for Legal Practice (‘COLP’) you will now have started to realise what the job entails. This key position in the firm is vital in ensuring that the firm meets its regulatory obligations under the SRA Handbook. The COLP role also carries personal liability. How can the COLP best tackle their duties?
- What are the risks and responsibilities?
- What does the COLP have to do in practice?
- Can the COLP face personal liability?The seminar will examine the regulatory obligations of the firm, individuals within the firm and the key role of the COLP. It will address ways in which the COLP can reconcile the duties owed to the SRA with his/her responsibilities to the firm and how any conflicts can be reconciled.
- It aims to give practical advice and guidance on the role and responsibilities of the COLP and will cover the following:
What You Will Learn
- Regulatory obligations – Authorisation Rule 8
- The SRA approach under Outcomes Focused Regulation
- Effective business management – Chapter 7
- You and Your Regulator – Chapter 10
- The role of the COLP
- The responsibilities of the COLP
- Information requirements
- Scenarios and dilemmas