If your law firm is authorised by the Solicitors Regulation Authority (SRA) then there is a requirement that a COFA and a COLP is appointed.
A COFA is a compliance officer for finance and administration, and a COLP is a compliance officer for legal practice.
Many small law firms have the same individual as the COLP and COFA.
Being a compliance officer within an SRA regulated law firm is a not only a requirement but also a big responsibility. Whoever applies to become a COFA must be fit and proper to hold the role. The Institute of Legal Finance & Management (ILFM) is the professional membership body for COFAs.
How does the ILFM support COFAs
Firstly, we have COFA Masterclasses that run throughout the year. They are 3 hours long and are online, live and interactive.
Secondly, we have LinkedIn Group specifically for compliance professionals in law firms and consultants who are free to support each other and post updates. You can join HERE.
We offer year-round masterclasses which are online, live and interactive on COFA requirements.
ILFM COFA Masterclasses
This online training will cover the role and duties of the COFA, implementing systems to protect client money and breach management and reporting. It will also cover COFA tips and provide a hitlist of key tasks.
The training will include practical examples and case studies discussing whether a breach is material and COFA conundrums.
Who is it for?
Whether you are being appointed as a COFA, a member of an accounts team or supporting the COFA in their role you will find this training invaluable.
What will you gain?
A deeper understanding of the role along with useful tips, interactive discussions about challenges the COFA faces and approaches in managing the role. An insight into what best practice looks like and also what can go wrong within a firm and the warning signs which could indicate potential problems.
What will it cover?
- Background and responsibilities of the COFA role
- Protecting client money
- Breach reporting and management
- COFA conundrum and scenarios
- COFA Tips and hitlist
"Excellent content and presenter, with an interesting course."
The ILFM is the only professional body and accredited resource hub for this heavily regulated role, and many of our members are looking after the COLP role too! It is essential that you feel supported and have a safe place to go to or ask questions when checking a point of action.
It’s better to be proactive when it comes to compliance, but if you need to be reactive for whatever reason, you can come to us to check in, talk and bounce solutions off our professionals in the same area.
If you are not yet a member, you are very welcome to join our compliance community HERE.
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