We undertake a range of specialised audits tailored to the individual needs of the Insurer. We can conduct:
- Financial audits – focusing on ensuring the panel law firms adhere to SRA Account Rules and that funds are being used appropriately on files.
- Technical audits – technical review of the insured files, analysing the WIP against work type, fee earner charge out rates and the practical strategies and advice given within the file.
- Compliance focused audits – auditing files as part of a risk management exercise, to identify how a firm’s systems and controls can be strengthened and to identify weaknesses that can place the insurer at risk.
- Thematic review – check panel law firms’ adherence to regulatory compliance, such as AML requirements.
We can conduct regular audits on all insured cases as an ongoing monitoring exercise. These audits are conducted based on approved criteria provided by the insurer of their requirements, and we conduct general risk assessments of each case to ensure they are on track.
We work with insurers to continually assess the risk of their protection in the regulated sector, and we can also undertake ongoing financial reviews of the funds deployed to the panel firms.
