A Compliance Manager takes responsibility for practice and accounts management. When you apply, you will need to demonstrate your ability to be a compliance manager for both types of management.
Managers can meet most of the competencies by these three options:
1. Completion of a course or courses
2. Demonstrating their experience by collating evidence & competence in a log book
3. Demonstrating evidence through supporting information as part of the entity application, such as policies, business plan, budgets, etc
Practice Management
This covers the following:
- Being part of a profession
- CILEx regulations
- Management of a legal entity
- Business acumen
The following links and guidance will help you with this:
Demonstrating Practice Management
Individuals will need to make declarations regarding any prior conduct matters. Do consider whether these will have an impact on this role.
How can I meet these competencies through the other documents I submit?
For may applicants, practice management can be demonstrated through the supporting documents they submit, namely, the Business Plan (including marketing), office manual, policies and procedures, and by applying theoretical knowledge gained practically, to their new firm. It is important that all of these are drafted by the applicant to show their skills and knowledge as evidence.
Accounts Management
This covers the following:
- CILEx Accounts Rules – handling of client money
- General Bookkeeping
- Finances
The following links and guidance will help you with this:
Demonstrating Accounts Management
You will need to show an understanding about holding client money even if you decide that your firm is not going to do so.
How can I meet these competencies through the other documents I submit?
Accounts management can be demonstrated through the policies you put in place on financial management and bookkeeping, as well as an accurately produced cashflow.
What if you don’t have a financial background?
As this is running a business, managing the finances is clearly key to making your firm a success. Therefore, gaining a core knowledge and understanding can be a very worthwhile investment for the security of your firm.
Check the Institute of Legal Finance and Management website for courses on accounts management.
