Kapil Chaudhary poses some pertinent questions to help in-house counsel evaluate whether they are fulfilling their role as business leaders
We live in exciting and challenging times. A global increase in legal and regulatory enforcement combined with the emergence of technology-driven risks and opportunities means that the role of in-house counsel is becoming more demanding each day. As we become used to an era of exponential information growth, “big data” and an “always on”, “on demand” digital business landscape, it is worthwhile to do a self-assessment check and ask ourselves the questions below to get a realistic estimate of whether we are doing enough to be “leading” this change.
At the outset, we may not have perfect responses to these issues but by focusing on what lies ahead of us, our paths may be better enlightened and illuminated.
Are we studying the emerging global regulatory framework and identifying trends? This framework can provide useful insights into the kind of legal, compliance and contractual risks we need to be aware of and help us prepare a framework to effectively manage these risks. Some big pieces of regulation have been agreed, such as the US Volcker rule (part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which will, among other things, separate out proprietary trading activities in US banks), but others, such as the proposed new European directive on data protection, are still under active debate.
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Kapil Chaudhary is counsel for IBM’s Services Integration Hub (East) in Singapore. He was previously the India general counsel for Schlumberger and Star News. The views expressed in this article are personal and do not in any way represent the views of IBM.
