JordanFurlong + compliance   23

After 40 Years of Constant Change, What's Next for the Legal Industry? | The American Lawyer
Technology and artificial intelligence on their own are noteworthy, but what’s more compelling is the impact they will have on how firms are structured.

Mitch Zuklie of Orrick. Cedit: Jason Doiy/ALM.
“Everything that can be taken out of the hands of subject-matter experts and handed over to the process experts and technologists will be,” says Orrick, Herrington & Sutcliffe Chairman and CEO Mitch Zuklie. “There will be far fewer associates sitting in rooms with documents and more strategic partnerships among law firms and legal tech providers.”
future  firms  clients  process  innovation  it  compliance 
16 hours ago by JordanFurlong
New Business World, New Legal Models | McCarthy Tétrault
The onward march to greater globalization — accelerated by, among other things, the Internet and e-commerce — means nearly every company now has international play or potential. They must now contend with increasingly stringent regulations, across multiple domains and nations, only adding to the complexity of their journey. According to Compliance & Risks, there were about 2,000 regulations globally in 2003 which has ballooned to 16,000 in 2018[1]. Compliance with the specific rules and filings of each country, keeping up with new and revised regulations and shifts in regulatory interpretation is costly and difficult to manage. 
innovation  compliance 
may 2019 by JordanFurlong
Compliance-based regulation debate continues | Bencher Elections 2019
“Small law firms will have to spend a lot of money, and that will affect their ability to service certain members of the public,” he says. “So, I’d want to see strong evidence that compliance-based regulation will protect the public interest, and I’m not sure we’re there.”

Andrew Spurgeon, a personal injury lawyer and partner at Ross & McBride LLP in Hamilton, is also a bencher standing for re-election.

He leans to some sort of compliance-based regulation.

“My intuitive sense is that operations that have one or two or three lawyers don’t have the risk management structure that compliance-based regulation would create,” he says. “But it’s important to avoid heavy-handed regulation and concentrate on facilitating better compliance through measures that are less expensive than the system we have now.”
governance  compliance  regulation 
april 2019 by JordanFurlong
Got an Ethics Question? At This Company, Employees Just Ask the Chatbot | Corporate Counsel
“I wanted to make it engaging and bite-size,” Smith said, but also complete, with the option of “drilling down to get the level of information they are looking for.”

The website also offers an electronic chatbot. Smith named it Cooper simply because, she said, the name seemed like fun. Any anonymous user can type in an issue, such as a conflict of interest, and Cooper will ask a series of about five questions. Then, if need be, the chatbot will direct the user to the proper contact in order to report or resolve the issue.

Smith said the interactive website layers on Convercent’s analytics. Besides measuring the website’s usage and analyzing what’s on people’s minds, the technology also can raise a red flag if a certain issue keeps popping up, such as sexual harassment.

“I can actually see how many people have gone into the code on any given day and identify potential issues,” she said.

Smith embraced the concept of an interactive website, she said, because “I am the entire office. I needed to find a way to make myself available to my global teammates so they have information and resources they need at their fingertips, any time night or day.”
chatbot  ethics  compliance  client 
april 2018 by JordanFurlong
4 Ways Technology Is Changing Contracts | Legaltech News
4. Compliance Management
Contracts, for the time being, are written almost exclusively in natural language, but startups are increasingly finding ways to parse data from contracts to make compliance management easier. Startups like Silicon Valley-based SirionLabs bring their tech to the other side of the equation—whether a contract's promises are actually being met—to help buyers track compliance before due diligence.
SirionLabs chief marketing officer Indus Khaitan explained that SirionLabs' platform can extract obligations from a contract using natural language processing; calculate compliance with automated data stream management tools; and display a schedule of events around a contract in a dashboard.
"Data is still post-facto," Khaitan noted, adding that while data-driven contracts may be the way of the future, they're still four to five years away from regular use.
contracts  compliance  robolawyer  roboclients 
january 2017 by JordanFurlong
OutsideIQ's DDIQ Leverages Artificial Intelligence for Automated Anti-Bribery Compliance | Legaltech News
In employing "AI," OutsideIQ CEO and founder Dan Adamson explained that DDIQ uses natural language processing and machine learning to mimic the "same cognitive process as a due diligence researcher."
Additionally, the tool automates ISO 37001 compliance by producing a "due diligence report" on a specific individual, after assessing whether an individual is a "politically exposed person." This is done by checking the name against "structured lists developed by teams of researchers," including those at the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), as well as checking open web media and the dark web, Adamson said.
DDIQ is far from the only platform to leverage AI toward human-like review capabilities. Lex Machina, for example, uses AI technology to comprehend and extract key pieces of unstructured legal case and court data from documents such as pdfs, essentially understanding the content of the data.
And it is this understanding that is making AI an essential part of compliance tools.
robolawyer  compliance  ethics 
october 2016 by JordanFurlong
Akerman - Event - Jeffrey Sharer to Speak on Self-Service Compliance
Jeffrey Sharer will participate on a panel titled, "Self-Service Compliance, Preventive Law & Outside Counsel: A New Model" as part of the 2nd Annual ACC Legal Operations Conference. Panelists will discuss the balancing act facing companies to create self-service compliance applications that will keep costs down and clients happy. They will also address how these applications can use drill-down techniques to answer the "easy" questions, and know when to bring in outside counsel for advice, resulting in improved business relations.
preventive  compliance  ops 
june 2016 by JordanFurlong
Magic Circle meets big four – A&O teams up with Deloitte for pioneering JV targeted at banking giants |
A&O claims the system can create a document that would conventionally take three lawyer hours in just three minutes. On its estimate, the 10,000 OTC contracts a major bank would normally hold can be processed in 12 weeks with one person deploying the system, against 15 years of lawyer hours.

A&O will run the programme and provide legal input, while Deloitte will provide project management to large teams of negotiators in multiple jurisdictions.

A&O derivatives partner David Wakeling came up with the concept. He said the programme 'will allow [major banks] to carry on trading derivatives without worrying that they may be, for example, complying with the US rules, but they're not compliant with the Singapore rules. What we're doing is gold plating all the regimes and making sure their trading relationships works all over in the world.'
robolawyer  accountants  competition  it  compliance 
june 2016 by JordanFurlong
COLPs failing to report problems to SRA, groundbreaking study finds - Legal Futures
The first academic study of compliance officers for legal practice (COLPs) has found a “tendency” not to report regulatory failures to the Solicitors Regulation Authority.

Professor Joan Loughrey, deputy head of the University of Leeds law school, said one COLP even failed to report the theft of client money through internet fraud.

The professor said the study, based on in-depth interviews with 24 law firms, including 15 alternative business structures, found that the majority considered outcomes-focused regulation (OFR) to be a “more demanding form of regulation which requires greater thought”.

However Professor Loughrey said that while the “ambiguity” of OFR allowed for innovation and creativity, it also led to greater variation, with much depending on the attitudes of individual COLPs.

Speaking at a debate hosted by University College London’s Centre for Ethics and Law, the professor said: “We found a tendency to read down the regulatory obligations whenever COLPs were asked whether they reported breaches.

“One COLP said his firm was always pushing the boundaries in terms of what it could do to get round the referral fee ban, and what it could do in terms marketing and publicity, and said the boundaries were frankly blurred.”

The professor described as “questionable” the failure of another COLP to report the theft of client money through internet fraud.

Her study uncovered evidence of COLPs at ABSs with mainly non-lawyer management struggling to get across the importance of following the rules.

She said two COLPs, one in a large firm, the other in a firm with three partners “reported problems in communicating what the requirements were”.

Professor Loughrey said that at the large firm, which had not previously been regulated, “there was a shock to the system when the managers were told they had to comply, and they didn’t want to”.

However, she said both COLPs “managed to get their agenda through”.

The professor said that where COLPs were not equity partners, it “made it easier for people more senior to challenge their authority and interpretation of the rules”.

She added that COLPS “appeared to be really nervous” about the consequences for them if the firm was found not to be compliant.

However, she said that the risk in not naming COLPs as responsible meant that compliance became “no-one’s responsibility” and “we saw that problem in financial services”.
governance  regulation  compliance  innovation 
march 2016 by JordanFurlong
Survey: GCs Report an 'Astounding' Rise in Regulatory Risk | Corporate Counsel
Nearly one-third of global general counsel/chief legal officers say their companies have been targeted by a regulator in the past two years, according to the latest survey from the Association of Corporate Counsel.
Veta Richardson, ACC president and CEO, calls that number “astounding” and says it reflects the increased risk companies are exposed to as they expand their cross-border work.
Some 1,302 general counsel or CLOs from 41 countries responded to the “ACC Chief Legal Officers (CLO) 2016 Survey.”
Ethics/compliance remains the legal chiefs’ top worry this year, followed closely by regulatory issues and data breaches, according to the survey results.
clients  compliance 
january 2016 by JordanFurlong
Clarifying our supervisory intentions: overall responsibility for the legal function under the Senior Managers Regime - Financial Conduct Authority
We recognise that at least some firms may not be in a position to make a decision, with full certainty, about whether or not they need approval for the individual in charge of their legal function. While in some cases, the individual in question may clearly require approval – for example, if they have responsibility for another area that is clearly captured, such as risk management – in other cases, it will be less clear. With that in mind, any firm that has sought to make a decision in good faith about whether or not the individual in question requires approval, on the basis of the published rules and our other communications, should not need to change their approach in the interim.
clients  ethics  compliance 
january 2016 by JordanFurlong
A Law Firm’s Ambitious Dashboard: Inside the Cadwalader Cabinet | Big Law Business
The tools are generally seen as a way to strengthen client relationships and in some cases make money. According to the Outsell report, in 2014, various firms drew revenue from their information services: Allen & Overy derived $15 million; Baker & McKenzie derived $11 million; DLA Piper and Linklaters each derived $10 million; and Clifford Chance derived $4 million.

At Cadwalader, the firm claims The Cabinet’s free daily newsletter, which offers up a fresh take on the latest regulation and rules, has more than 11,000 subscribers. However, most of the resources on the site itself are behind a paywall and the firm will not disclose how many paying subscribers it has or even the fee, which depends on the number of users, and other factors. Lofchie described it as a service for clients, and in his words, the financial industry.

“We’re providing value to our clients and I think you have to start there,” he said. “What do law firms do? We’re knowledge providers.”

Lofchie declined to comment on the price point,  or the number of full-time employees that the Cabinet has.
it  compliance  robolawyer 
january 2016 by JordanFurlong
Akerman - News & Publications - Akerman and Thomson Reuters Legal Managed Services Announce Collaboration On Groundbreaking U.S. Data Privacy and Security Legal Service Offering
Akerman LLP, a top 100 U.S. law firm serving clients across the Americas, today announced the advent of the Akerman Data Law Center, a dynamic, technology-driven, data privacy and security law service offering developed in collaboration with Thomson Reuters Legal Managed Services.

The Akerman Data Law Center will provide tailored research, multi-jurisdictional surveys and regulatory gap analyses in a wide array of data and privacy risk areas empowering clients to quickly and cost-effectively understand and handle routine compliance matters while mitigating risks before they become crises. With Akerman's multi-disciplinary team of regulatory compliance and data law lawyers within reach, the firm can also provide legal interpretation and day-to-day counseling specifically tailored to each client's distinctive situation and needs.

"We recognize that in most areas of data law today, such as privacy, security and records retention, the number of relevant laws and regulations is too vast and fast-growing for most individual clients to cost-effectively maintain," said Martin Tully, co-chair of Akerman's Data Law Practice. "The Akerman Data Law Center enables our clients to keep pace with business-critical data laws by extending their in-house capabilities and improving business efficiency."
data  innovation  analytics  r&d  compliance 
november 2015 by JordanFurlong
aosphere | Alternative Solutions for Legal and Compliance Risk Management
aosphere LLP (formerly Derivative Services LLP) specialises in providing user-friendly access to complex legal information for institutions large and small. We use our expertise in all aspects of derivatives trading and key compliance issues like shareholding disclosure, marketing restrictions and cross border data transfers to provide subscription products which help you to reduce legal, regulatory and operational risk. Our secure data management system allows you to manage your bespoke legal documents alongside your aosphere subscriptions offering a seamless, one-stop solution to risk reduction.
robolawyer  risk  it  compliance 
september 2015 by JordanFurlong
5 Takeaways from the 2015 Litigation Trends Survey | Business of Law Blog
2. Government investigations cause most headaches. “Regulatory and investigations matters are a focus for in-house counsel, with 39 percent of respondents citing those issues as their top concern. Among companies with revenues of US $1 billion or more, 51 percent indicate they have one or more regulatory proceeding pending against them. Half of respondents indicate their company has retained outside counsel for assistance in a government or regulatory investigation.”
compliance  litigation 
june 2015 by JordanFurlong
Shell Lawyer Blasts Compliance Ignorance of Law Firms | Corporate Counsel
Speaking of her surprise at outside counsel’s ignorance, Geale said she had expected “that external counsel are familiar with the basics of such a program as well as the big ticket compliance risks in whatever industry they might support a client.”
She said that external counsel should identify and raise risks with a client before they become obstacles to the business, as well as protect the client from investigations, fines and reputational damage for any noncompliance. “This is an easy opportunity to add value to the client,” she said.
compliance  clients 
march 2015 by JordanFurlong
Holland & Knight Team Drills Down on Compliance | Law Technology News
The team helps companies identify risk: how to protect against risk and how to properly disclose information to protect consumers, said Cwalina. He was formerly vice president and assistant general counsel at data aggregation company ChoicePoint Inc. Reed Elsevier acquired ChoicePoint in 2008.
innovation  risk  compliance  privacy 
october 2014 by JordanFurlong
Looking for Top Law Firms' Compliance Programs
either many firms don't have formal compliance programs, or else they don't want to share how they do it
compliance  firms 
may 2013 by JordanFurlong
3 Geeks and a Law Blog: The Rise of Compliance – At The Expense of Legal?
Image [cc] laughlin
Last week I had the pleasure of co-presenting with Jeff Carr on AFAs. Jeff is a great guy and way ahead of the field in embracing value billing. He made a point in the presentation that got me to thinking. His point: he works hard to avoid the need for litigation. The result is significant cost savings for his company.
compliance  clients 
august 2012 by JordanFurlong
Law firm partner launches risk and compliance product to help COLPs | LEGAL FUTURES
A non-lawyer partner at a Manchester law firm has developed what is claimed to be the first web-based risk and compliance software for the legal market and aims to reduce the burden on the compliance officers every law firm has to have under outcomes-focused regulation.
it  compliance  commoditization  clients 
september 2011 by JordanFurlong

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