The CQS Risk Management Policy and Risk Register

Firms accredited with the Law Society conveyancing mark must adhere to strict guidelines, including the implementation of a comprehensive CQS Risk Management Policy and the maintenance of a detailed risk register. It is considered best practice for the risk register to be categorised into strategic, financial, operational, compliance, and breaches (both material and non-material), with all relevant information being captured accordingly. Furthermore, accredited firms are obligated to conduct an annual review of their CQS Risk Management Policy to ensure its ongoing effectiveness. Additionally, the reporting facility within the modules allows firms to conduct timely risk analyses and take necessary actions as required.

Lexcel-accredited firms will understand the importance of an overarching Risk Register, while others, such as CQS firms may have limited familiarity with its function.

Keep in mind that using a CQS Risk Management Policy template marks just the initial phase of creating this policy. To be operationally effective, your finalised Risk Management Policy and risk register should be tailored specifically to your firm, ensuring uniqueness and customisation.

CQS requires accredited firms to undergo rigorous evaluation, training, audits, and annual reviews to sustain the trust of clients, including lenders .

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