Extract from Kariem Abdellatif’s article “Addressing the Evolving Needs and Challenges Facing In-House Counsel”
The ever-changing and increasingly complex global regulatory environment means it is becoming difficult for multinationals to stay ahead of the governance curve without adopting technology. As expanding regulations and growing scrutiny around compliance continue to define today’s business landscape, the onus is on general counsels to ensure healthy governance, transparency and accountability across their global portfolio of entities.
In this article, we explore some of the key challenges for in-house legal teams when it comes to maintaining control of their entity portfolios, and outline the tech-driven solutions that can help to overcome these pain points.
The complexity of maintaining large, multi-jurisdictional subsidiary portfolios
Keeping up with large-scale regulatory change is one of the current hurdles facing in-house legal teams. Over the last decade, the volume of regulations and reporting requirements across the world has grown exponentially. Thompson Reuters’ 2023 Cost of Compliance report shows that compliance officers are anticipating the continuation of this trend, with 73% expecting regulatory activity to increase this year.
