Compliance health checks
Do your panel firms translate policy into practice?
Relying on panel firms to self-report on compliance and risk won’t always give you a true, unbiased picture. Complex Risk conducts tailored audits to provide you with an independent view of both practice and policy.
Detailed insights into compliance risk at your panel law firms
We provide expert verification of your panel firms' regulatory compliance and risk management standards to support appointment and renewal decisions. Each health check can be tailored to focus on the areas of practice that matter most to your operations, giving you the reliable, actionable insights you need.
PII/ATE insurers
Funders
Investors
We’ll give you a clearer picture of panel firms to help minimise risk and protect your capital.
Whatʼs included in a health check?
We conduct firm-wide gap analyses to assess policies, procedures, and operational practices against regulatory, governance, and risk management standards. Choose from our Core, Advanced, or Complete reviews, depending on your needs.
Core
A baseline regulatory risk assessment. For small firms with low-risk practices.
What’s included?
Everything below:
- Review of key policies and documented procedures
- AML systems and controls review
- Review of standard terms of business
- Review of staff competence and professional development records
- Limited review of registers and key risks
- Website, email footers and letterhead audit
- Targeted sample matter review
Advanced
A full operational & cultural compliance review. For small to mid-sized firms with moderate-risk practices.
What’s included?
Everything in Core, plus:
- Staff questionnaire to identify training and development needs
- Assessment of staff capacity and operational safeguards
- Review of complaints, client feedback, & online commentary to identify risk areas
- Review of client care letters across all practice areas
- Full review of registers and key risks
- Review of PII, ATE, and employerʼs liability insurance arrangements
Complete
An extensive regulatory assurance and resilience review. For large, multi-office firms with higher-risk practices.
What’s included?
Everything in Core/Advanced, plus:
- Review of organisational structure and supervisory arrangements
- Review of recruitment processes and candidate due diligence
- Stress testing of risk registers and business continuity plans
- Comparison of documented policies against operational practice
- Review of online marketing materials for SRA Transparency and ASA compliance
- Due diligence assessment for outsourcing, third-party funding, and introducers
All plans include an introductory consultation to tailor our review to your areas of focus. You’ll receive a comprehensive report on completion, highlighting the key risk areas identified and outlining the steps firms must take to mitigate risks or address compliance gaps.
Actionable outcomes
Working with Complex Risk gives you the best possible overview of a firm's operations and risk profile, backed by expert analysis. Once our health check is complete, you’ll have a clear roadmap of actions needed to bring panel firms into full alignment with your standards and requirements.
Analysis of training and policy gaps
Identification and mitigation of risks
Assurance on operational frameworks
Guidance on strengthening controls
Actionable recommendations
Need a clearer picture of your panel firms?
Speak to Complex Risk today. We’ll work with you to plan and execute a comprehensive health check that provides granular insight into your panel firms’ policies, procedures, and operational practices.
Frequently asked questions
If you don’t find the answer to your question here, get in touch with us and we’ll be happy to help.
It depends on the scope and complexity of the work to be undertaken. At the lower end, our Core health check, which provides a baseline assessment of regulatory risk, takes between two and four weeks to complete for most firms, including the production of the follow-up report. By contrast, our Complete health check, typically deployed at larger firms with a heightened risk profile, is a more involved process and is carried out over a six- to twelve-week period.
We typically recommend the Core plan for smaller firms that need a foundational review or as a first step toward formal compliance auditing. The Advanced plan is our most popular, suitable for most small to medium-sized firms seeking a thorough assessment. The Complete plan is designed for larger, more complex firms or those in high-risk practice areas who require the deepest level of assurance. We are happy to discuss your specific situation to help you make your choice.
Relying on self-evaluation by the firms themselves doesn’t always give you the full picture – internal reporting is always vulnerable to bias, and there may be significant gaps between documented process and day-to-day practice. Working with Complex Risk, you’ll receive an independent assessment of the firm’s risk profile based on its operations, not just its policies. We also add vital context, benchmarking firms against industry best practices and peer performance.
The depth and breadth of the reporting you receive depends on the health check tier you choose: Core, Advanced, or Complete. All of our health checks examine key policies and procedures, controls and systems to identify areas of risk, as well as evaluate employee competencies in key areas. Higher-tier plans include more detailed examinations of operational practice, marketing compliance, operational safeguards and recruitment due diligence, among other areas. Full details of what’s included in each tier are available in the table above.
Yes, we’re happy to tailor the scope and focus of our health checks to address your specific priorities. Our three tiers provide a framework for us to build on to customise our audit as you require. For example, for funders primarily concerned with cost management and reporting, we can allocate more resources to those areas of the firm’s practice. For PII insurers, we can look more closely at claims-handling procedures or professional negligence risks. Get in touch to discuss your objectives, and we’ll build a tailored plan.