Conveycentric welcomes regulator’s statement on risk management tools
Conveycentric comments on the recent statement released by the Council of Licensed Conveyancers on the benefit of risk management tools.
In a statement on their website dated the 7th June CLC commented positively on the merits of the use of risk management tools.
The statement on the CLC site reads as follows;
“The CLC encourages the practices it regulates to consider how they can mitigate risk to protect the interests of clients and to minimise claims made against them. There are now a broad range of different products on the market offering solutions to different types of risk. In the CLC’s view, the most effective way a practice can minimise risk in any area is to ensure that it has appropriate and proportionate processes and procedures to supervise and quality assure services which are being provided. These should be developed and managed internally. They can be supported by a variety of commercial products, provided it is understood that none of those products offers a complete and risk-free solution.”
Simon Seaton, CEO of Conveycentric welcomed the CLC statement “ We are pleased that the CLC recognise that innovative software can play a part in managing risk. At Conveycentric we believe that technology must play an important role for the lender and conveyancing sectors as they work together against mortgage fraud and for minimisation of claims. The CLC’s current preferred insurance broker promoted COMPLETIONmonitor last year and previous brokers CJ Coleman paid for all members to have access to LENDERmonitor in 2011/12. Both products are supported by the CML. As a result we have a close relationship with the CLC membership. We will soon be announcing a seminar for the CLC membership so the timing and content of the statement is very helpful”
Derek R Adkins, Licensed Conveyancer and member of the CLC commented “I have been using LENDERmonitor and COMPLETIONmonitor for over a year now and I am very impressed with the technology. COMPLETIONmonitor in particular really provides me with all of the necessary prompts such that that none of the steps that a competent conveyancer should take are missed before completion, and of course before signing a lenders’ Certificate of Title. The software is the key part of my Risk Management procedures.”
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Tags: compliance, risk management, software