Tag: CQS Risk Management Policy
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Sanctions regime – Why firm-wide risk assessments are a must
The firm-wide risk assessment serves the crucial purpose of identifying potential vulnerabilities to breaches of the regime and exploring ways to mitigate these risks. Although the sanctions regime is characterised by strict liability rather than risk-based, implementing this framework aids in the identification of emerging risks and facilitates the adoption of preventative measures. The Office…
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CQS Risk Management Policy and 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…
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CQS Risk Management Policy – Guidance
The largest chapter in the new CQS Standards is section five, and it is appropriately so since it addresses risk management. This aspect significantly influences all other parts of the Standards by mandating firms to maintain a compliance plan and a risk register as well as a comprehensive Risk Management Policy. Ensuring effective risk management…
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Will Poor Conveyancing Quality be Exposed?
If you are not going to be a good conveyancer then you better be a lucky one and hope that events don’t conspire to expose errors. I don’t fancy your odds in the long term though if you continue to make mistakes. Conveyancing errors often are allowed to happen for one of two reasons:…
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Should Insurers and Lenders be Demanding guardrails?
Left to our own devices, most of us get attracted to things that are bad for us. I am in my mid-40s and trying to improve my general health and fitness, yet I often find myself making short-term decisions such as eating a bar of chocolate or having an extra beer. ‘The diet and fitness…
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Insurance Season Boosts Conveyancing Risk Management
Legal software house Lexsure have announced that in the three months leading up to 1st October over 120 firms (CQS and non CQS) upgraded their risk processes by signing up to Lexsure’s conveyancing risk management products. I put the growth down to the recent groundbreaking announcement by AmTrust Europe Ltd whereby the ‘A’ rated insurance…
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Risk management, compliance and technology
Risk management, compliance and technology. Every law firm, CQS accredited or otherwise, will profess to address risk management and compliance, but not every firm does it well. Most firms will have a Conveyancing Risk Management Policy. I have yet to find a law firm that states it does not care about risk, and forgets about…