Intuitive Legal can conduct a range of risk mitigation and compliance exercises on behalf of your firm.
We can undertake in depth gap analysis working closely with the firm’s compliance officer, which identifies and clarifies the risk your organisation faces. Intuitive Legal will then aid in designing and implementing measures to ensure the organisation has the correct systems and controls in place to adequately manage the risk that it faces.
It is a duty of the compliance officer of each organisation to provide compliance services, and to ensure they are complying with the required law and legislation, as well as internal procedures. Intuitive Legal provide assistance and support to the compliance officer to undertake the role effectively.
When reviewing risk in your organisation, we focus on:
- The nature and size of the operation
- The complexity of the business
- The scale of the business
- The diversity of your operation
- The volume of your transactions
- The size of your transactions
We can also conduct an in-depth review of your Firm Wide Risk Register, which is a legal requirement and must be monitored on an ongoing basis. It must adequately address all pertinent areas of risk, including regulatory risks, operational risks, and financial risks.
Is your compliance officer aware of their duties, objectives and responsibilities? Intuitive Legal provide assistance for the COLP and can review all risk policies within the firm, and update where required. Where policies are too long, we can create summaries to assist their digestibility, however this is not a replacement for the policy itself.
We may also review the firm’s procurement process to ensure that parties you may contract with are not thwarting the firm’s ability to meet its regulatory obligations. This includes reviewing all third-party contracts and assessing the relationships with each. In addition to this, we can review and tailor the firm’s client engagement letters to ensure that they are functional, compliant and of high quality.
Intuitive Legal can also assist in Trend Analysis and Forward Risk Planning. This is an important aspect of any firm’s risk management strategy as it enables you to plan how to mitigate future risks based on current trends. We can provide a yearly report which analyses trends from a risk and compliance perspective, considering a range of areas such as complaints, claims, queries, training, and regulatory changes.
