How can law firms use CalQRisk to assist with AML risk management / compliance?

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The Solicitors Regulation Authority (SRA) recommends a Risk-Based approach to Anti-Money Laundering Risk Management and Compliance. Recent fines mixed with an increase in scrutiny on risk management and compliance efforts means that AML has risen to the top of many firm’s agendas. Partners and senior management need assurance that the AML programme in their firm is robust and adequate given the size, scale and complexity of the firm. 

CalQRisk is the tool which integrates firm wide risk assessments, ongoing matter risk assessments, audits, file reviews and ongoing compliance monitoring, all within one platform. 

How We Can Help

Firm-wide Risk Assessment

CalQRisk has a Risks & Controls module which comes pre-populated with templates that assist with the firm-wide risk assessment. Alternatively, firms can upload their own risks and controls. 

Reports can be generated at the touch of a button highlighting the top AML risks across the firm, potential control weaknesses and more. 

The Tasks module can then be used to track the implementation of new controls or to monitor the enhancement of weak controls. 

 

Client & matter risk assessment

The CalQRisk solution assists with this in two different ways -  

  1. Compliance officers (COLP or COFA) can automate their ongoing monitoring by automatically sending periodic questionnaires to fee earners.
  2. Compliance officers can use the Checks module to conduct independent reviews of client and matter risk assessments with reports available at the click of a button.  

Independent Audit

Audit Management in CalQRisk allows for the scheduling and design of an audit programme. It facilitates the recording of audit findings associated with each audit and the tracking of progress on corrective and preventive actions. 

File Reviews

File reviews can be streamlined using the Checks module within the solution.  

Different checklists can be maintained for the different file types – and reviews can be done on a peer-to-peer basis, or by the compliance officer. 

Reports are available at the click of a button and can easily show deficiencies across the firm.

Policies and Procedures

The Calendar module in CalQRisk is great for managing recurring tasks such as policy reviews and compliance plans. Simply input a calendar item, select the frequency at which the item should reoccur and CalQRisk automatically creates the schedule. You can also attach documents and set automatic notifications for relevant people in relation to the scheduled items.  

The monitoring module assists with assurance activities demonstrating compliance through date and time attestations. 

Ongoing Compliance Monitoring

The Monitoring module is an automated tool which streamlines your compliance programme.

It is an incredibly intuitive, flexible module which can be used for compliance monitoring, policy attestation, Key Risk Indicator (KRIs) tracking and much more. When a question is due or overdue, the relevant user is automatically notified. Comments can be included by users to clarify answers and documents can be attached as evidence of the answer. 

Reporting is done using a RAG (Red, Amber, Green) indicator. This straightforward report will draw the eye of senior management directly to any key controls that might be failing, and/or potential compliance issues.

Key Benefits

of using CalQRisk

An integrated approach to risk management and compliance.

Automate typical manual processes including task tracking, KRI monitoring and due diligence questionnaires.

Interactive dashboards to demonstrate your risk management, audit and matter risk assessments to regulators, boards and auditors.

Generate reports required by regulators at the touch of a button.

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