The 3GRC platform is an industry leading risk management solution that provides benefits through business risk identification and remediation workflow. The platform is a cloud based assessment solution which automatically identifies risk and populates risk registers, driving remediation and compliance in a single location through a streamlined and user-friendly manner.Contact us
As such, they have a significant role to play in ensuring their services are not used to further a criminal purpose and meet best business practice for risk management.
While it has always been best business practice to manage risk, the pressure has increased on Legal firms due to Data Protection concerns (which have only increased with the ratification of GDPR) cyber security risks and the challenge to maintain compliance with the Money Laundering Regulations 2007 –Third Directive.
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The Money Laundering Regulations 2007 repeal and replace the Money Laundering Regulations 2003 and implement the third directive. They set administrative requirements for the anti-money laundering regime within the regulated sector and outline the scope of customer due diligence.
The regulations aim to limit the use of professional services for money laundering by requiring professionals to know their clients and monitor the use of their services by clients.
The third money laundering directive extends due diligence measures to beneficial owners, recognising that such measures can be applied on a risk-based approach, and requires enhanced due diligence to be undertaken in certain circumstances.
It is incorporated into UK law by the Money Laundering Regulations 2007 and the Terrorism Act 2000 (Amendment) Regulations 2007 (TACT regulations 2007) and Proceeds of Crime Act 2002 (Amendment) Regulations 2007 (POCA regulations 2007) (the TACT Regulations 2007 and the POCA Regulations 2007).
The 3GRC platform provides a centralised hub that enables Legal institutions to standardise and simplify risk management due diligence and ongoing monitoring.
The platform is pre-populated with a number of template assessments and risks that include Money Laundering, GDPR, and the Modern Slavery Act to name a few, making it easier for legal firms to meet their due diligence and regulatory requirements.
Contact us for a free demonstration of the 3GRC platform. We’ll show you how we can automate, simplify and centralise your risk and compliance management.Contact us