Legal Business

Risk management and professional indemnity survey 2013: Finding the Balance

New reporting requirements under the SRA’s outcomes-focused regulations have put additional pressure on risk teams’ resources but finding the right individuals for the new COLP and COFA roles has been the top priority.

Risk teams have been pulled in many directions in the last few years but top of their agenda throughout 2012 was going through the process to appoint the compliance officer for legal practice (COLP) and the compliance officer for finance and administration (COFA). The new roles were introduced as part of the Solicitors Regulation Authority (SRA)’s push into outcomes-focused regulation (OFR) but for some the process has been painful and protracted, while some firms were still waiting for the individuals they nominated for the COLP role to be approved.