So you’ve been assigned the Compliance Officer for Legal Practice (COLP) within your firm… what now? The responsibility for assessing and mitigating risks, and reporting breaches, as defined by the Solicitors Regulation Authority (SRA) Authorisation Rules and Code of Conduct, lies with you.
As the outcomes-focused regulation (OFR) regime is non-prescriptive in format, some individuals who’ve been designated as COLP remain confused about how to handle their new responsibilities.
What’s more, if you’re a COLP in a smaller firm, you’ll still have your day job to do on top of your compliance and risk management obligations.
You need systems and controls in place to help you and all other practice employees to comply with the SRA Handbook.