Conveycentric, in partnership with St Giles Legal and Professional Risks, have announced the launch of COMPLETIONmonitor, an online software tool that will grow and develop based on an individual lender’s specification within a property transaction. The concept of the software is to concentrate on the biggest “risk areas” for conveyancing, flagging up key areas such as Money Laundering, Non-compliance with Lender Requirements and mortgage fraud. Any dubious information will automatically be notified, meaning all cases that require closer attention get escalated to more senior Risk Managers.
“There is no system like this in the UK, it is easily integrated within existing case management systems, is cost effective and requires minimal training”.
Some of the benefits of COMPLETIONmonitor will be:
– A reduction in PI premiums
– Improved risk management
– Compliance with the new SRA requirements
Members of the insurance industry have played a very big part in the growth of COMPLETIONmonitor and for that reason they have introduced a “Risk Management Rebate” which will give the firm a credit for every case that they run through the software. This credit can then be redeemed on the following year’s PII premium, irrespective of the broker/insurer.
Malcom Gordon, Solicitor and Head of Claims for Indemnity Risk Solutions LLP commented:
“What we like most about the system is that it provides conveyancers with an enhanced layer of protection and together with an increasing focus on audit across the industry, this new service from Conveycentric should reduce future claims, which is in the interests of all, including insurers and lenders”.
For more information regarding COMPLETIONmonitor you can visit their website here
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