Colp & Cofa

Originally published 8 July 2014. Updated 8 October 2026.

Conveyancing risk management software can help law firms organise checks, identify outstanding issues and retain evidence of their controls. That evidence can support supervision and discussions with professional indemnity insurance brokers and underwriters.

The original version of this article reported an agreement between Lexsure and AmTrust Europe Limited linking the use of COMPLETIONmonitor with potential savings on professional indemnity insurance premiums. The wider principle remains relevant: firms should be able to explain how they manage risk and demonstrate that their procedures operate in practice.

The insurance arrangement reported in 2014

The original announcement described an arrangement under which firms insured with AmTrust could receive a per-case benefit at renewal for conveyancing matters completed using COMPLETIONmonitor.

It suggested that savings could amount to thousands of pounds, or tens of thousands for some practices, depending on their qualifying work and the applicable arrangement.

Those statements belong to the historical announcement. They should not be read as a current quotation, a promise of savings or confirmation that the same terms remain available.

Before making a financial decision, ask your broker or insurer to confirm any current incentive, eligibility conditions and how the use of software will be considered at renewal.

What does COMPLETIONmonitor do?

COMPLETIONmonitor is Lexsure’s supervisory solution for conveyancing firms. It supports pre- and post-completion checks and helps firms evidence their risk management and compliance arrangements.

A structured checklist can make outstanding work more visible and provide a record for supervisory review. Its value depends on accurate information, timely use and appropriate action when a check identifies a problem.

For example, recording that lender approval is outstanding should lead to a clear decision about what can proceed, who must obtain the response and who will review it. Completing the checklist without resolving the issue would leave the underlying risk in place.

Prepare evidence for the PII renewal discussion

Ask your broker what information would help present the firm’s risk management arrangements. A useful explanation should connect the risks identified with the controls applied and the results of supervisory reviews.

Depending on the practice and the questions asked, relevant evidence may include:

• The types and volume of conveyancing work undertaken.
• How checks are completed and outstanding issues escalated.
• Who supervises the work and how reviews are recorded.
• Recurring errors, complaints or near misses identified.
• Corrective action taken and subsequent review findings.
• How staff receive training on revised procedures.

Describe the firm’s actual use of its systems accurately. If a tool is used on only some matters, explain the scope rather than implying that it covers every file.

Software needs to fit the supervision process

Decide when checks must be completed, who reviews exceptions and how unresolved issues affect the next stage of the transaction. Staff should know when they need additional guidance or approval.

A supervisor should be able to understand the reasoning behind a recorded answer and locate the supporting evidence. Where the file and checklist disagree, investigate the discrepancy.

Our article on integrating risk management and SRA compliance explains why systems, responsibilities and everyday legal work should connect.

Use findings to improve the practice

Review patterns across matters. Repeated delays in obtaining lender responses, incomplete evidence or unresolved post-completion work may indicate a wider procedural or resourcing problem.

Record the finding, the person responsible for corrective action and how management will check the result. Update the risk assessment when the evidence shows that the firm’s exposure has changed.

Our guide to maintaining a living and breathing risk register explains how that record can develop with events within the practice.

Document responsibilities in the firm’s policies

The policy should explain how the practice uses its risk management tools. Identify who maintains the process, who reviews concerns and who follows up outstanding work.

For CQS firms, Lexsure’s suggested wording on risk roles and responsibilities provides a starting point for defining accountability.

The CQS Risk Management Policy template brings together responsibilities, operational and regulatory risks, the risk register and compliance planning. Adapt it to the firm’s actual work and supervision arrangements.

Assess value beyond the insurance premium

When reviewing a software investment, consider the work it helps the firm complete and the evidence it produces. Examine whether it improves visibility of outstanding issues, supports supervision or helps identify recurring weaknesses.

Assess those benefits using the firm’s own experience. Distinguish measured results from expectations, and review whether staff use the system consistently.

The opportunity highlighted in 2014 was to connect risk management with its financial value. Today, the strongest renewal discussion is supported by an accurate account of the firm’s controls and evidence of how they work.