The recent update to the Core Practice Management Standards (CPMS) requires CQS firms to have a policy in place in relation to risk management (s5.1).
CQS Policy documents can be time-consuming and difficult to prepare without a Policy Template as a starting point
Policy documents can be time-consuming and difficult to prepare. We have drafted a set of CPMS policy templates, of which this Risk Management Policy is one, designed to make it simpler for conveyancing firms to meet their compliance obligations.
The Risk Management Policy Template includes reference to:
Operational risk responsibilities
Strategic and regulator risks
Work type risk factors
Operational risk assessment guide
...as well as other formalities and general obligations as required under 5.1 of the CPMS.
CONTENTS
Document Properties
Change Control
Associated Policies
Contents
1. Overview
2. Definition
3. The context for risk management
4. Risk, roles and responsibilities
4.1 Overview
4.2 Operational risk responsibilities
4.2.1 General
4.2.2 Compliance Officer for a Legal Practice (COLP)
4.2.3 Compliance Officer for Finance and Administration (COFA)
4.2.4. Senior Responsible Officer (SRO)
5. Types of risk
5.2 Strategic risks
5.3 Operational conveyancing risk
5.3.1 Breach of Undertakings
5.4 Regulatory risks
6. The Risk Register
7. The Compliance Plan
8. AI and Technology Partners
Appendix 1: Work areas not undertaken by firm
Appendix 2: Operational risk assessment guide
Generic Risk Factors
Work Type Risk Facto
