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Why firms use Legl for Risk Assessments
Proactive compliance
Legl invoices are paid in an average of 16 hours instead of weeks.
Auto-population of data
Accept payments at any time, even outside of office hours.
Schedule reminders
Send automatic payment reminders customised to your firm’s branding and tone.
Escalation pathways
Every payment includes full references and reconciles to the right client file on its own.
600+ law firms trust Legl with their AML compliance
Source of Funds checks in Legl has been an absolute lifesaver for our solicitors. It's so much easier to digest than six months of bank statements where things can easily be missed.
Dora Bumber
,
Head of Risk & Compliance, MLRO & MLCO
With regulatory expectations continuing to evolve, we wanted to ensure our AML and compliance operations were positioned for the next level. Legl's platform gives us enhanced oversight and consistency across all departments, allowing us to maintain the rigorous standards our clients expect as we continue to grow.
Guy Hurst
,
Compliance Manager
That Legl flags high risk assessments instantaneously is a huge step forward for MLROs. Getting that email notification lets me act fast. I am no longer relying on human interaction to be alerted of cases I need to focus on.
Helen Strachan
,
Practice Director & MLRO
Legl asks fee-earners the questions that are relevant to their client or matter (no more N/As!) and it also gives us the ability to auto-calculate risk according to our policy on the answers given.
Helen Strachan
,
Practice Director & MLRO
Under our old system, one risk assessment could easily take around an hour. Using Legl, we can now complete three risk assessments in around twenty minutes.
Mel Lawrence
,
Partner
Our partnership with Legl enables us to stay ahead of AML change while delivering more efficient and intuitive experiences for our clients.
Melissa Patterson
,
Senior Partner
A connected picture of risk across the client and matter
Deep configurability to align with your risk policy
Implement your firm’s risk policies into client and matter risk templates that are intuitive to complete and create a clear picture of risk of clients and matters across their lifecycle.
Auto-population of risk data
Data is automatically populated into risk assessments from CDD, company reports, source of funds and more - saving fee-earners time.
Risk scoring
Tailored to the requirements in your risk policies, risk scoring is applied automatically, with escalation pathways built in for effective control and oversight.
Frequently asked questions
Can conditional logic be applied to the risk assessments we have?
Yes, any question can trigger conditional follow-up questions based on the previous answer, so fee-earners only see what is relevant. You can also control which answers trigger low, medium or high risk categorisation, and whether a question is required or optional. Answer types include Yes/No, checkbox, radios, dropdown, short and long text, date, country and nationality.
Can I combine my client and matter risk assessments?
Yes. Firms can use a single client and matter risk assessment covering both. Your firm decides which template types are available to your team.
Can the compliance team override the risk scoring in risk assessments?
Yes if your firm has enabled this setting. Manual overrides are an admin setting so you can decide whether they're permitted at all, and which users at your firm can apply them. Where ratings are overridden, a rationale must be recorded and this is logged automatically and visible in the audit trail.
Does Legl have template client and matter risk assessments?
Yes, there are templates that you can access in Legl. Most firms will opt to implement their own client and matter risk assessment templates so that they are built to reflect the firm's own risk policy and AML framework. Admin users can build and manage risk assessments directly in Legl.
How do fee-earners know when they need to revisit the risk assessment?
Admins can set default risk assessment review periods for different risk levels, and there are reminder emails that can be sent to the fee-earner for periodic review depending on the risk profile of the client. All changes are recorded in the audit trail.
How long does it typically take a fee-earner to complete a risk assessment?
As Legl auto-populates information in the risk assessment that pulls from CDD, company reports, source of funds reports and more, a lot of the work is already completed for the fee-earner. Conditional logic ensures that fee-earners only see questions that are relevant to that client or matter. Customers report achieving 80% + time savings for fee-earners using Legl.
If my client risk assessments are currently in a Word document, how do I move them to Legl?
You can rebuild your existing risk assessment in Legl's template builder yourself or Legl's team are on hand to support your firm. That are typically ways to optimise these for a faster completion time through the use of conditional logic and automatic risk scoring on the completion of the assessment.
Is the risk scoring in risk assessments linked to my firm's policies?
Yes the scoring is your policy. Every assessment runs on a template that meets the risk needs and appetite of your firm. Based on the answers provided, and the weighting attached to each answer, your get an overall rating that aggregates those risk factors for you automatically. Legl simply applies te logic and risk appetite that you define as a firm.
What support do firms get when setting up risk assessments in Legl?
You can set up your own risk assessment templates, or the Legl team can help you to get started. You get a full setup guide covering settings, template building and on-demand webinars if you'd like to set these up for your firm. If you don't have an existing form, the SRA's standard client and matter risk templates are available as a starting point.