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Eight ways ETSOS can help with compliance

7th November 2014

Compliance remains a perennial challenge for conveyancers, with no let up on the pressure to conform to standards and respond to threats.

With our unique aggregator approach, ETSOS has always been about making our users’ lives easier – so here are eight ways we’re helping conveyancing teams rise to the compliance challenge.

#1 Promoting independent and informed decisions

It’s a Code of Conduct requirement that you are independent from a single provider and can take into account the individual needs of your client. That’s why we display up-to-date pricing and turnaround data for all report providers and products, so you can compare the performance of named suppliers.

#2 Demonstrating due diligence and visibility of process

ETSOS provides an audit trail on all orders while integration with case management systems further simplifies processing, recording and monitoring of actions – a double whammy tick in the box for the supervision requirements of CQS.

#3 Providing a clear, consistent and verifiable mechanism for enquiry handling

The CQS standard mandates a full audit trail for all sales activity. That’s why we’ve made our Quotation and Referral System a true end-to-end solution, enabling the capturing, tracking and management of all enquiries and quotations.

#4 Ensuring transparency and honesty at quotation stage

The detailed, ‘no hidden extras’ nature of each QRS quotation removes any risk of being accused (as one firm was by a High Court judge recently) of being ‘opaque and misleading’ – behaviour certainly contrary to the spirit and standards inherent in the Code of Conduct, Lexcel and CQS.

#5 Promoting consistency and continuity

Risk management is essentially about following all the right processes all of the time. Our ordering platform underpins a standard, verifiable approach by the user, while insuring against reliance on a single search provider. With the ability to monitor turnaround performance and the availability of other quality providers, users can always switch suppliers without disruption.

#6 Proactively highlighting hazards

To manage risk effectively, you have to identify hazards efficiently. ETSOS’s own Hazard Checker tool identifies a wide range of potential risks and recommends appropriate searches automatically, including flood, coal and energy reports.

#7 Protecting against criminal activity and fraud

The SRA’s Risk Outlook 2014/15 warned of the growing threat of both money laundering and bogus firms within the conveyancing sector. ETSOS users can order electronic AML checks and access the Lawyer Checker law firm identity authentication tool as a demonstrable defence against nefarious attacks.

#8 Pushing insurance best practice

ETSOS simplifies the online ordering of appropriate title insurance, ensuring users provide clients with parity of cover and the requisite demands and needs statement – an increasingly common area of non-compliance.

For more information and to arrange your free, no obligation trial, please contact David Opie by email (davidopie@etsos.co.uk) or directly on 01524 22 00 01

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