What are the practical strategies that firms are taking to modernise compliance decision making, and how are they are driving a compliance-first culture? What role will AI have in meeting compliance challenges?
These were some of the questions we broached in a webinar with our host OneAdvanced, where we were joined by OneAdvanced’s product manager Viktoria Ecseri and Paul Cahill, an associate and head of compliance at UK law firm Fletchers, which for many years has been at the leading edge of developing AI solutions. Cahill talked about the firm’s learnings when it comes to balancing sometimes competing demands of being ‘cutting edge’ and creating a compliant culture.
We talked about why compliance matters more than ever now, and looked at some of the steps that Fletchers has taken to iron out issues, with Cahill observing: “We’re involved from inception to the end of a matter because that is the only way to ensure that it is built from beginning to end with compliance in mind.”
He added: “We avoid those clashes where we are not involved at the beginning. The point at which compliance becomes a little bit unpopular is with those teams where six months of work has been done and we come along and say ‘no’. We’ve avoided those issues in our more recent work because ultimately everyone knows the parameters, everyone knows what will and won’t be allowed. It just it just makes everybody’s life easier.”
There has been a shift within many firms from compliance being a ‘tick box’ exercise to them embedding accountability, but how should vendors be supporting firms, including baking compliance into products? And how do firms balance the need to be compliant with the need to innovate, and be agile and efficient?
Ekseri said: “Compliance is one of those things that we work quite closely with our clients on from the very beginning, before we start to design our products or any sort of iteration or feature, to make sure from their side that we are compliant.”
To listen to the webinar, click HERE
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