Client and Matter Risk Assessments for Conveyancers
Effective client and matter risk assessments should explain the risks, inform due diligence and remain under review as a transaction develops. Explore practical guidance for conveyancers on risk ratings, mitigation, approvals and recording decisions. Discover how Lexsure’s CDDmonitor can support a structured digital CMRA process, tailored to your firm’s risks and procedures.
Does your CMRA explain the risk and what happens next?
A completed form or selected risk rating does not, by itself, demonstrate an effective assessment. Your records should explain the risks identified, the measures taken and the reasoning behind the decision to proceed.
CDDmonitor helps conveyancing firms structure and record client and matter risk assessments, with configurable templates, escalation settings and reviews as matters develop.
- Record the reasoning supporting risk ratings.
- Tailor questions to your firm-wide risk assessment.
- Document mitigation measures and configure escalation.
- Reassess matters when new information emerges.
- Retain timestamped assessment records for review.
Explore the digital CMRA service and consider how it could support your firm’s assessment, approval and monitoring procedures.
Explore CDDmonitor’s digital CMRA service →
Technology supports the process. Professional judgement and responsibility for AML compliance remain with your firm.
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Six AML Policy Gaps Conveyancing Firms Should Check
Conveyancing firms’ anti-money laundering (AML) policies often lack clear guidance on handling unusual transactions or new technologies, despite SRA regulations. Lexsure’s audits reveal discrepancies between written procedures and practice. To enhance compliance, firms must regularly review and update their AML documentation, ensuring staff have practical instructions and consistent processes for various scenarios.
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Independent AML Audits for Conveyancing Firms: What Should File Testing Reveal?
An independent AML audit for conveyancing firms must assess the effectiveness of anti-money laundering controls through actual client file reviews. This process ensures that written policies translate into proper actions, highlighting risks and compliance. Regular audits help identify weaknesses, reinforce proper procedures, and ensure client funding sources are legitimate and scrutinized.