All round, it can be of honour (3)

I believe the answer is:

lap

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'all round' is the definition.
'lap' can be an answer for 'round' (as in a round or lap of a park). I am unsure of the 'all' bit.

I cannot understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for lap that I've seen before include "Knees" , "One round of the course" , "Drink (like dog), circuit" , "Once around the track" , "Round in a race" .)

I've seen this clue in the Evening Standard.

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