The Online Compliance Consortium (OCC) is a business model designed for a regulated world.
The OCC collaboratively develops compliance and risk management training, tools and technology for the world's leading law firms. Representing 9 of the 10 magic circle firms, 60 of the top 100 UK firms and 24 of the top 25 US firms, the OCC applies a methodology that is designed to satisfy regulatory requirements whilst meeting the specific needs and quality standards of the world's leading law firms.
Compliance and risk management is best achieved when enough businesses in a profession or industry work together pragmatically to create the necessary tools that set best practice standards.
The OCC Core Group model allows like firms to share financial, intellectual and human resources to create solutions that directly satisfy their combined requirements. Since its inception in 2003 the OCC has spawned 10 Core Groups:
The OCC Risk Management System (RMS) is designed to allow a Compliance Team to efficiently manage risk and demonstrate to management and its regulator how it is doing so. The RMS evidences and tracks the control procedures and related activities the firm has put in place offering presentation-quality reporting and a complete audit trail.
VinciWorks' Risk Consulting Team can assist Compliance Officers in building and maintaining their Compliance Plan, Compliance Gap Analysis, Risk Register and Control Procedures, to ensure firms are using the RMS to the best of its capabilities and are prepared for regulators.
The RMS is cloud-based and secure with an intuitive web interface and advanced user-management capabilities which centralises access-control, communications, follow-up, alerts, reporting and audit capabilities as a complete and dynamic solution to replace the static Excel-based Risk Registers in place at many firms.
Based on the detailed specifications, features and functional requirements of 26 of the UK's leading law firms, VinciWorks designed and built the highly flexible OCC Learning Management System (LLMS) so that it could satisfy the unique needs of any professional firm.
The LLMS allows a firm to upload any format of learning content, automatically deploy, track, follow up and report on progress, scores, CPD, CLE and course completion whilst maintaining a detailed audit trail.
The LLMS includes VinciWorks unique "Nagware" that dynamically generates escalating reminders, and alerts that literally nag users to achieve compliance based on any event or non-event and or date.
Including Anti-Money Laundering, Anti-Bribery, Data Protection, Risk Management, Solicitors Accounts Rules, the OCC online compliance suite of training courses are tailored to the needs of professional firms and designed to satisfy regulatory requirements whilst meeting the quality standards of the world's leading law firms.
All OCC courses are customisable allowing firms to integrate their own policies, procedures and firm specific messages.
The OCC compliance courses can be licensed individually or on a per firm basis.
Facilitated by VinciWorks the OCC has established itself as the benchmark for professional compliance solutions.
OCC Core Groups have to date produced the Online Compliance Suite consisting of innovative , highly engaging, e-learning training courses, a state of the art OCC Learning Management System and a Risk Register and Risk Management System. Current developments include a multi-jurisdictional CPD Tracking Engine, an Annual Declaration Management tool and a Client & Matter Inception solution.
VinciWorks facilitates the activities of the OCC whilst developing and project managing innovative e-learning, training administration, compliance, risk and knowledge management software for most of the top 100 global law firms and the world's leading banks including HSBC, Citibank, Standard Chartered and China Bank.
VinciWorks prides itself on its ability to identify and develop solutions that address client-specific requirements within budget and on time.
The activities of the OCC are facilitated and managed by VinciWorks which has customer support offices in the United Kingdom, Hong Kong, and Australia and technical development and support in Jerusalem and Hyderabad. See our worldwide contact details below.
The right technology solutions don't happen by accident. The OCC collaborative approach allows VinciWorks (the OCC's development partner) to develop tools that help its clients ensure they get the solutions and services they need and want, on time and to budget.
What is the OCC Risk Management System?
The Online Compliance Consortium Risk Management System (RMS) has been designed collaboratively by some of the world’s leading law firms, including Bird & Bird, Mayer Brown, Hogan Lovells and Irwin Mitchell, to ensure that it satisfies the needs of both national and international professional firms regulated by the Solicitors’ Regulation Authority (SRA) and/or the Financial Services Authority (FSA).
The RMS is a complete solution that enables Risk Managers, Compliance Officers, Compliance Officers of Legal Practice (COLP), Compliance Officers of Finance and Administration (COFA), and professional firms in general to comply with their regulator’s requirements relating to risk management and outcomes-focused regulation (OFR). The RMS provides the tools to efficiently manage risk across the firm and demonstrate a firm’s compliance with all appropriate regulations.
The RMS is designed to allow a Compliance Team to efficiently manage risk and demonstrate to management and its regulator how it is doing so.
The RMS Risk Register, Control Procedure Register, enhanced reporting and audit trail tools track the risk management activities that a firm has put in place and present those activities in a concise format to satisfy a firm’s regulator.
The RMS is cloud-based and secure with an intuitive web interface and advanced user-management capabilities which centralises access-control, communications, follow-up, alerts, reporting and audit capabilities as a complete and dynamic solution to replace the static Excel-based Risk Registers in place at many firms.
The Benefits of the OCC Risk Management System
RMS Background
To assess the regulatory risks that a firm poses, regulators want to receive information about the perception the firm has of the risks it faces. They will also want to understand what arrangements or controls the firm has put in place to mitigate those risks.
This information will usually be maintained within a Risk Register. The Risk Register will usually include all current and emerging risks and other compliance-related issues.
Many leading firms already maintain Risk Registers but are usually written in Microsoft Word or Excel formats which:
The Online Compliance Consortium RMS is designed to allow firms to more efficiently manage and maintain a real-time, auditable Risk Register whilst also providing the Regulator with the evidence it needs to regulate compliance.
United Kingdom
Hong Kong
Australia
Israel