Law firms face several challenges daily, especially regarding risk and compliance. The most essential factors for efficient law firms are risk assessment measures and compliance practices. Given the constant changes in regulations and updates, effective risk assessment protocols and compliance measures are becoming even more critical. Risk and compliance challenges pose difficulties, so it’s essential your firm is ahead of the game and on top.
It’s about being proactive and tailoring procedures to meet regulatory demands. This simple yet effective process makes life easier for your staff and ensures the client experience isn’t compromised. With risk and compliance demands likely to increase, it’s crucial your firm has an effective solution in place to combat challenges and meet your legal obligations.
Firms need a valuable solution that helps combat these daily challenges, and this is where Verify 365 comes into play, the ultimate AML, KYC, and client onboarding solution that meets the rigorous demands of the regulation bodies. Our innovative technology makes a huge difference at law firms across the UK and beyond. Whether your firm is small, medium-sized or large, our platform and technology are game-changing when it comes to tackling compliance challenges and giving you a clear indication of whether your risk assessment protocols are effective.
Our latest feature article will examine risk assessments and compliance and how Verify 365 is helping law firms of all sizes tackle these challenges and ensure their firm is functioning at maximum capacity and efficiency.
Tackling Risk and Compliance Challenges
The Risk Assessment Complications
Law firms face a consistent flow of risk challenges, which is why having effective risk assessment measures and management in place is essential. Ranging from financial risks to client-related risks, it is a constant battle to ensure you can protect your firm from potential threats.
Traditional approaches to risk management often centred around addressing issues only after they arose. However, modern best practices advocate for a proactive strategy. By shifting their mindset, firms can see risk as more than just a threat; it becomes an opportunity to improve operations, enhance resilience, and build stronger client relationships.
Risk assessments focus on proactivity rather than reactivity, staying ahead of the game. With numerous risks to manage, it can prove too much, but viable solutions are out there, including Verify 365. Firms must develop and implement effective policies, controls, and procedures to proactively identify, assess, and mitigate potential risks before they become significant challenges. Risk management in law firms plays a hugely important role and can be the difference between compliance and non-compliance.
Managing Compliance Challenges
Like risk assessments and risk management, being proactive with compliance challenges is a strong route to take. With different regulation bodies dependent on region and field of operations, it can be a challenge to stay ahead of regulation changes.
The Solicitors Regulation Authority and the Law Society of Scotland continuously innovate and update their regulations, so firms need to adapt quickly and implement procedures to stay on top. Compliance is a constant concern, given that firms must quickly identify their clients and determine whether they pose any risks or threats. The client onboarding process provides the ideal opportunity to validate your client’s information, spot potential risks, and decide whether working with this person is right for your business.
Compliance challenges include changes in regulations, inadequate policies and procedures, and the availability of resources and education. These challenges can be complicated, but like risk assessments and risk management, there is a viable solution – Verify 365.
Verify 365’s Compliance Credentials
Verify 365 was crafted by lawyers for lawyers who understand the compliance and risk assessment challenges. We are trusted by firms of all sizes to provide innovative technology to validate their client’s identity documents, source of funds information and more.
Verify 365 is the ultimate AML and KYC client onboarding platform. Built within the framework of the SRA, our innovative technology is compliant and adaptable should any legislation changes be announced. We are an approved supplier of the Law Society of Scotland, ensuring all firms across the UK can complete their compliance and due diligence obligations. In addition to meeting the compliance regulations set by the governing bodies for solicitors and conveyancers, we are also an approved, UK-government-certified Digital Identity Service Provider (IDSP), meaning we provide a secure and trustworthy solution for businesses looking to complete digital identity checks.
Our credentials don’t stop there; we also enable conveyancing law firms to meet the HM Land Registry’s ‘Digital ID Standard’, which gives you the coveted ‘Safe Harbour Status’. Your firm achieves this through Verify 365, as we meet the four points set out in the ID standard. This gives you a further layer of protection and a fast and efficient way to onboard and validate your client’s identity documents.
Legal technology innovations like Verify 365 enable solicitors, conveyancers, accountants, estate agents and businesses within the finance sector to complete enhanced due diligence on potential clients. With Verify 365, businesses can biometrically verify their client’s identity using facial recognition, liveness scanning and NFC technology.
In addition to this, you can validate your client’s address and verify source of funds data. Verify 365 accepts a vast range of documents, including utility bills and bank statements, which help authenticate your clients, confirming they live where they say they do. Through Verify 365, you can complete comprehensive due diligence by validating funds used in any transaction. Our winning combination of open banking, advanced AI analytics, and source of funds questionnaires helps you analyse financial data, report any suspicious anomalies and activities and build a clear picture of exactly where the funds have come from. All our source of funds checks are regulated by the Financial Conduct Authority, which ensures the highest levels of security and protection.
Verify 365 gives you the platform to confidently put effective risk assessment procedures in place and meet your compliance obligations. We meet rigorous standards and ensure your firm can operate at maximum capacity, and have peace of mind knowing every single due diligence check you complete is fully compliant, secure and protected. Our technology makes those daily challenges disappear and gives you the confidence to transform your onboarding processes, streamline that process and give your customer a simple, easy experience. With risk assessments and compliance a constant challenge, we can help you tackle those challenges head-on and give your firm the platform to elevate and grow.
