COLP & COFA: Compliance in Practice, second edition

Understand your responsibilities, meet the SRA requirements and use your position to maximum benefit.

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Description

Recently taken on the role of COLP or COFA for your firm? If so you’re probably already busy working with your firm to ensure the numerous regulatory obligations are met.

Integrating these roles and responsibilities effectively within the firm and striving to assert authority to ensure compliance is taken seriously is proving a mammoth task for those new to the roles. However, help is at hand.

Managing Partner’s COLP and COFA: Compliance in Practice, second edition will be published in just 2 weeks!

Packed with new and up-to-date case studies, examples, and advice, this critical guide offers practical support to help you meet the SRA requirements and use your position to maximum benefit.

Fully updated, the second edition takes into account version 7 of the Handbook and includes practical examples and advice on:

  • The responsibilities of the COLP and COFA;
  • What a compliance plan should contain;
  • What taking all ‘reasonable steps’ to ensure compliance means;
  • Reporting non-compliance and what ‘material’ non-compliance might include;
  • The relationship between the SRA and the COLP and COFA; and,
  • The most recent SRA guidance for COLPs and COFAs and advice on interpreting the guidance in everyday practice.

New and up-to-date case studies and expert commentary are included, for example on:

  • The challenges currently being faced by COLPs and COFAs in practice;
  • The early experiences of a COLP in an ABS – David Hartley, Abbey Protection Group Limited;
  • The reporting accountant’s perspective on the role of the COFA – Rowan Williams, Head of Baker Tilly Tax and Accounting Professional Practice Team;
  • The similarities to the MLRO role; and,
  • The nuts and bolts of compliance.

Practical worked examples of issues to consider with regard to materiality of breaches are included, along with a sample risk register identifying issues, potential risks, and suggested solutions.

You’ll also find new real-life scenarios from a large international firm highlighting the compliance issues they have faced and how they have successfully dealt with them.

Ensure you are better placed to achieve a low risk rating for your firm and avoid falling under the scrutiny of the SRA’s new supervision regime.

Contents

Chapter 1: The requirement to have a COLP and COFA

Chapter 2: Appointing the COLP and COFA

Chapter 3: Working with the regulator

Chapter 4: Risk and how this might be managed

Chapter 5: An introduction to the COLP’s responsibilities

Chapter 6: The SRA Code of Conduct 2011 – Issues for the COLP

Chapter 7: Achieving Outcomes – How should this be monitored?

Chapter 8: Identifying, recording, and reporting non-compliance

Chapter 9: An introduction to the COFA’s responsibilities

Chapter 10: The importance of an in-depth knowledge of the SRA Accounts Rules 2011

Chapter 11: Implementing suitable systems and procedures

Chapter 12: Outcomes-focused flexibility in the SRA Accounts Rules 2011

Chapter 13: Identifying, recording, and reporting non-compliance with the Accounts Rules

Chapter 14: The COFA’s wider relationships and responsibilities

Chapter 15: Personal considerations for the COLP and COFA

Check our Executive Summary and full table of contents here

Authors

Tracey Calvert
Tracey Calvert is a lawyer and the director of Oakalls Consultancy Limited. She is a regulatory, compliance and ethics specialist, providing a variety of advisory services to members of the solicitor’s profession. She is a regular speaker and trainer on these topics and has delivered presentations both within the UK and internationally. She is an officer of the International Bar Association’s Professional Ethics Committee and a board member of both the Wilmington Group’s Legal Compliance Association and the Law Society’s Legal Compliance Bulletin. Tracey was previously employed by the Law Society and the SRA as a senior ethics advisor and a policy executive.
Bronwen Still
Bronwen Still is a solicitor who worked in high-street practice doing mainly crime, matrimonial and conveyancing work before joining the Law Society in 1980. She worked in many capacities for the Law Society (and subsequently the SRA), initially handling complaints, dealing with interventions and prosecuting cases before the Solicitors Disciplinary Tribunal.

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