Question of ethics
Nominating your COLP and COFA
Is there any advice you can offer us on the sort of people we should be nominating as COLP and COFA? Must it be the senior or managing partner?
We expect the senior managers in the firm responsible for the nomination to assure themselves that the individuals they nominate as compliance officer for legal practice (COLP) and compliance officer for finance and administration (COFA) have the skills and experience to undertake the role in the context of their particular firm. In addition, the senior manager should be confident that the individuals have sufficient seniority and responsibility in the firm to fulfil the COLP/COFA roles. The choice of nominee is the firm's. While some senior or managing partners might wish to take on these roles, firms, particularly larger firms, need to consider whether senior or managing partners will be able to devote the time necessary to the role.