4 minute read
Technology for Quality Compliance
Leveraging Technology to Manage Quality Compliance
poweredbypie, a Dye & Durham
company, processes 8,000 property search packs every month and nearly half a million searches a year. However, we are far more than just a search company. Our technical solutions help legal firms speed up workflows, enable compliance and improve the overall efficiency of legal processes. Our solutions help streamline processes, track progress, and deliver the best results by managing everything in one place.
One way we do this is through our Brighter Law technology which enables law firms to provide instant, automated quotes on their websites, to the order and delivery of searches and insurance. We aim to ensure all our reports are user friendly and clear, making it as easy and efficient as possible to consume and understand the data.
We know that compliance is a significant and continually evolving challenge faced by legal professionals. As a result, we are also supporting solicitors with a series of enhancements to solutions designed to help law firms cope with the increasing burden of compliance.
For example, most recently, the Law Society Conveyancing Quality Scheme (CQS) has updated its Core Practice Management Standards (CPMS) and accredited firms will now need to be compliant before 1 May 2022.
One new rule for the CQS CPMS is the need to check mortgage lenders’ Part 2 instructions. It states: 6.4 Practices must have a policy for dealing with lenders which must: contain a procedure to ensure that Part 2 of the UK Finance Handbook is checked by a fee earner to ascertain the lender’s standard requirements, as well as those specific to a transaction, and for verifying that all of those requirements have been satisfied, prior to exchange and recording on the file that the check has been carried out. In response we have introduced Lender Handbook Tracker to ease the burden of compliance and help legal professionals manage their vast workloads more easily, ensuring compliance, demonstrating due diligence and protecting PI insurance against claims at the same time.
Lender Handbook Tracker, which is supplied by Navro, costs just £6.50 + VAT and produces a pdf report which can be updated up to five times during the conveyance, enabling legal teams to see any changes that may affect the transaction clearly and concisely. The report can be run against any lender listed by UK Finance, with the database refreshing four times a day.
Crucially, the UK Finance Mortgage Lenders Handbook does not keep records or databases of when the Part 2 changes are made. Therefore, the Lender Handbook Tracker solution now offers a convenient, concise summary and audit trail of any Part 2 changes that have occurred since instruction.
In the past 12 months, we have also updated offerings available through our platform with integration with Thirdfort’s app www.thirdfort.com which is setting the new standard in legal security and client checking by verifying ID and automating AML in a matter of minutes.
Further to this, we provide access to Lawyer Checker which helps mitigate risk against cyber fraud. Lawyer Checker checks the law firm’s account details against our unique database to determine whether those details have a track record of successful usage within conveyancing. Lawyer Checker is a web-based solution and can be accessed securely from any location 24/7 at the click of a mouse, supplying an audit trail for law firms as well as ensuring due diligence in relation to the SCCS.
Lawyer Checker’s unique algorithm checks details against ten different databases in real-time. It checks SRA scam alerts and safeguards transactions against human error and typos while also providing the most up to date information. All frequent and infrequent results are processed through the latest NatWest tracker to check bank account details. We also have a dedicated research team who are highly skilled in providing enhanced further investigation when necessary.
Lawyer Checker’s reports are low cost and can be attributed as a disbursement and include two searches – one completed at the start of the conveyancing process, plus a further check just before the funds are transferred. Lawyer Checker’s algorithm ensures there have been no new alerts in the interim. This is key with protracted transaction times to ensure the search is fully updated, making it easy and cost-effective to mitigate the risk of fraud during the conveyance.
We are dedicated to supporting conveyancing teams’ compliance obligations through a range of solutions. We understand the continued and everevolving burden of risk and compliance and have harnessed technology to help automate processes and mitigate risk. For further information, or to find out more about our full range of solutions designed to help legal firms improve their processes and achieve greater efficiencies please see: https://dyedurhamuk.com/ about-us
