COLPs are to be appointed in the next few months and should be attending seminars to determine what their obligations are and what exposure they face.
It will be the COLP who will be responsible for ensuring that the firm has systems and controls in place to enable the firm, as well as its managers and employees, to comply with the requirements on them.
To be authorised, firms have to have suitable arrangements for compliance and some guidance is given as to what a “compliance plan”/risk register should cover although it will very much depend on the nature and size of firm, its work and its areas of risk. The COLP will need to be involved in the creation (if it doesn’t exist already) and monitoring/review of this on an on-going basis.
When choosing a COLP seminar you should be looking for a course which will provide practical support as you set up the Compliance Officer for Legal Practice role in your firm, covering:
- What the COLP will need to do and when.
- What breaches should the COLP report?
- Getting buy-in from partners/staff.
- Indemnifying and protecting the COLP.
- The implications of getting it wrong.
A list of COLP courses are listed to right of this page.