What does a Head of Risk & Compliance typically cover in a law firm?
The Short Answer
A Head of Risk & Compliance is the architect of the firm’s safety net. Their remit typically spans regulatory compliance (SRA, AML, GDPR), professional indemnity insurance, internal auditing, and providing high-level ethical advice to the partnership.
The Regulatory Umbrella
They are the primary support for the COLP (Compliance Officer for Legal Practice) and COFA (Compliance Officer for Finance and Administration). Their job is to ensure the firm meets the SRA Standards and Regulations day in, day out.
Strategic Risk Management
Beyond the 'rules', they manage the firm’s broader risk profile. This includes:
- PII Renewals: Negotiating with brokers and demonstrating the firm’s low-risk profile.
- Incident Management: Dealing with data breaches or complaints before they escalate.
- Culture: Training fee earners to ensure compliance is part of the firm's DNA, not an afterthought.
The Bottom Line
It is a multifaceted role that combines legal knowledge with operational management. They are there to make sure the firm stays on the right side of the regulator while keeping the wheels of business turning.
Want to know more?
Guide to Hiring Senior Risk & Compliance Professionals in UK Law Firms
Why copying another law firm’s Risk & Compliance structure can lead to the wrong hire
Should we hire a Head of Risk & Compliance or a Compliance Manager?
Why is it so difficult to hire senior Risk & Compliance professionals in law firms?
