Managing & Mitigating Risk- A ‘How-To’ Guide for COLPs

Introduction

The role of the COLP is to ensure that those in the firm comply with the terms and conditions of authorisation and the SRA’s regulatory arrangements. Further, COLPs must report to the SRA any serious facts or matters which they reasonably believe amount to a serious breach of the firm’s authorisation or regulatory arrangements.

During this practical seminar compliance expert Rebecca Atkinson will explore the COLP role, how COLPs can approach and mitigate risk, implement policies and investigate and report an allegation of misconduct.

What You Will Learn

This course will cover the following:

• A reminder of what the COLP role involves and the SRA regulatory framework
• What areas of risk and compliance should the COLP focus on?
• Conducting a gap analysis
• Drawing up a plan of action
• Should the COLP go it alone?
• Can you ever eradicate risk? What is mitigation?
• Scenarios - discussion on risks found and possible mitigation techniques
• How to implement policies - methods for messaging, learning, and testing
• How to create a culture of openness to encourage internal reporting and the SRA's guidance in this area
• How to go about investigating an internal reported breach - what steps should be taken
• Who should undertake an investigation and what happens when the reporter doesn’t want to take part?
• What are the obligations when considering a report to the SRA - what is the test?
• Scenarios of when a report may be made
• What remedial action might be taken
• How to structure your report to the SRA
• What might happen after you report to the SRA