Risk Manager Checklist

Transcription

1 Risk Manager Checklist Compliance Manager UK Limited. Unit 26 Potts Marsh Industrial Estate, Westham, East Sussex BN24 5NH. Offices also in London and Windsor. Tel: Web:

2 RISK MANAGER ANNUAL CHECKLIST Period (A/ H / Q / M) Y / N / NA Action Required / Comments Initials Due Dates Actual Date Section 1 - Business Performance 1 Review the overall performance of the business against its main business objectives 2 Review the strategic risks identified at the last review and ensure that agreed actions have been implemented 3 Section 2 - Financial Performance, Controls and Reporting 1 Review the firm s financial reports, systems and financial controls 2 Review the updated Business Plan for any changes in the firm s risk profile 3 Review the accountants SAR report and management letter or letter of recommendations and letter of representation

3 4 Review monthly client account reconciliations 5 Review the procedures and safeguards in place to prevent the loss or misappropriation of client funds and the firm s assets including a review of the firm s Financial Management Policy Section 3 - Regulatory Risks 1 Review changes in SRA Handbook, SRA Accounts Rules, regulatory framework and other regulatory content and update compliance manuals, systems and procedures as appropriate 2 Review new and updated Law Society practice notes 3 Review annually the compliance officer checklists (see Appendix 3 of the Compliance Manual) to identify any actual or potential compliance failures and any changes in the firm s risk profile 4 Review all formal policies for the firm and identify any changes required in order to reduce the firm's exposure to risk

4 Section 4 - Risk Data Analysis 1 Compile and review the risk data, complete the Risk Data Analysis Form and review performance and trends relating to: a File Reviews (including all medium/high risk files) b Internal Risk Reports c Complaints d Professional Indemnity claims e Compliance failures f Anti-money laundering, counter-terrorist financing and anti-bribery and corruption data g Client satisfaction surveys

5 Section 5 - Client Care 1 Review standard client care letter(s) 2 Review Terms of Business 3 Review performance, procedures and policies of third party and outsourced service providers and identify any potential change in risk profile Section 6 - Health, Safety & Environment 1 Review the Health and Safety Policy and verify its effectiveness 2 Review environmental policy and assess

6 3 Review social and ethical arrangements for the firm, staff and clients Section 7 - Office and Fire Risk Assessments 1 Conduct annual office risk assessments for each office 2 Conduct annual fire risk assessment at each office Section 8 - Staff and Resources 1 Review governance and supervision arrangements and update where required 2 Review minutes of partners / departmental / team meetings

7 3 Review personnel files and staff appraisals 4 Review equality / diversity policy and incidents or grievances 5 Review training and CPD records to verify technical and regulatory competence and compliance / money laundering training 6 Review training programme and update where required 7 Review third party service providers performance 8 Review changes to the staff handbook Section 9 - Business Continuity Plan 1 Review threats and disruptive events and update BCP where appropriate

8 2 Review IT systems, backup arrangements and system failures 3 Review minutes of BCP meetings Section 10 - Insurances 1 Review adequacy of insurance cover for professional negligence, business disruption, manager / officer protection, employers liability, general office cover 2 Review insurance claims Section 11 - Knowledge Management 1 Review the firm s knowledge management resources to ensure that they cover all areas of law undertaken by the firm

9 2 Review usage levels of all online knowledge management resources for each fee earner and investigate low usage levels with relevant fee earners 3 Instruct heads of department and team leaders to review precedents for each department or team and revise or update where necessary to ensure conformity with any changes to the law 4 Discuss with heads of department or team leaders the ways in which members of each department or team are ensuring that they are receiving relevant technical updates Section 12 - Financial Crime 1 Review (and update where necessary) Anti-Money Laundering and Counter-Terrorist Financing Policy, Anti-Bribery and Corruption Policy and Money Laundering Risk Assessment Policy 2 Review Internal Suspicious Activity Report Forms Section 13 - Mortgage Fraud

10 1 Review Mortgage Fraud Prevention Policy and Mortgage Fraud Risk Assessment Policy Section 14 - Risk Register 1 Review and update risk register Section 15 - Risk Management Policy 1 Review and update policy and risk control processes and procedures Section 16 - Risk Management Action Plan

11 1 Review implementation of previous plan and update outcomes 2 Prepare and agree risk management action plan for forthcoming year and communicate as appropriate Section 17 - Annual Compliance Report 1 Prepare detailed report covering all Sections above for review and consideration by the CMT 2 Oversee the implementation of all recommendations approved by the CMT in its Annual Compliance Review meeting