For law firms it is an essential consideration that fee earners and all key personnel have the training required to complete their work and be compliant with various legislations and regulations. Also, the training that firms prescribe for their employees needs to be tailored to the firm’s services, risk appetite and regulatory requirements.
It can be difficult as some departments within firms may require more specific training, but this will depend on the type of work and risks associated. Although most regulators do not dictate specific training that individuals should complete it is necessary that policies are considered when firms decide what training to set for their employees.
Focusing on conducting regular law firm training and keeping record of the aspects that individuals have completed not only aids in safeguarding firms as it demonstrates compliance, but also that the business is doing everything required to supply the employees with the necessary knowledge and support.
Having clear and up to date records of all e-learning, courses, webinars and internal training completed is always important, because regulatory bodies can request this information if they decide to review the firm and their procedures. Plus, it is a key requirement of the SRA Standards and Regulations, CLC Handbook, Regulation 24 of the MLR, CQS and Lexcel accreditations, the Criminal Finances Act to name a few and could lead to potential corporate offences if employees are not provided with regular training in the required areas.
Furthermore, it is also important that individuals holding key compliance roles complete the same mandatory training as the rest of the firm, while simultaneously having a higher level of knowledge and understanding in order to aid the rest of the company with any compliance queries.
Thus, it is essential that the people holding these key compliance roles undertake further personal training to make sure that they have full comprehension of the requirements that are put on the firm and individuals within it and are aware of any updates to the relevant legislations and regulations. This will empower them to change any policies and procedures required and instruct those within the firm to complete any further training if necessary.
Within their roles they may also be responsible for the records of training being held, therefore any further training personally completed should be included in the records kept, although this is an internal business decision and will differ between firms. The responsibility of training and training records should always be outlined in firms’ policies and procedures.
An important consideration for firm’s should also be setting a time limit for when the training should be conducted within. It is understandable that all employees will be busy completing their day-to-day work, but as firms it is your responsibility to allow sufficient and specified time for employees to complete the necessary training. Setting employees clear expectations in relation to new training that is being assigned will enable all individuals involved to manage their time effectively so that the training can be fully completed before becoming overdue.
For many law firms we understand it can be a difficult task to provide training to all key individuals within the business that includes all information required to be compliant with regulations but also specific to the services provided for example:
- AML
- Fraud
- Conflict of interest
- CDD
- Risk and Compliance
- Anti- bribery
- Anti- tax evasion facilitation etc…
The list could go on… and this demonstrates the large task that firms must undertake when choosing a service provider.
As many people are aware, the Law Society does offer training courses and webinars. But did you know that at Access Legal we also offer a wide range of e-learning courses and webinars which are subject specific to Law Firms, Estate Agents and Chambers/Barristers.
The courses provided are reviewed regularly and updated in line with legislative and regulatory changes. There are also other compliance services available to aid firms in a wide range of compliance aspects which can help in identifying any gaps that there may be in the firms current training plan or material.
Supporting your firm with compliance
To learn more about anything mentioned in this blog, please reach out to our Risk and Compliance consultancy teams.