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  • Understanding Compliance – A New Body is Born

    Compliance has become a favourite buzzword of the law industry. The Solicitor’s Regulation Authority (SRA) is particularly fond of it, and the establishment of the roles of COLP and COFA are a clear reflection of this. In the words of the SRA itself, the COLP and COFA “should be champions of risk management and compliance within a firm”; hardly a role to be undertaken lightly. However, the actual nature and responsibility of these roles can be deeply confusing, which is precisely why organisations like us at Enderley Consulting exist, to provide guidance and advice. The lack of clear instruction on the nature of Outcome-Focussed Regulation (OFR) has also led to the creation of a new membership body for risk and compliance professionals, with the chief aim of encouraging discourse and pressuring the SRA for further guidance on the precise nature of the rules.

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