In the latest episode on the path to outcomes-based regulation in the modern legal environment, Matt Van Buskirk, co-founder of Hummingbird Regtech, sat down with RegFi hosts Jerry Buckley and Sherry Safchuk, for an illuminating discussion. According to the conversation on JDSupra, the discussion gravitated towards addressing the crucial need for regulators and in-house compliance teams to be thoroughly equipped with contemporary tools and specific knowledge sets to keep abreast of fast-evolving technological change.
Van Buskirk shed light on the possibilities and opportunities brought by the use of open-source, interoperable platforms, which he believes has the potential to blur the strict boundaries between RegTech and Suptech. He envisages this new attitude, alongside the adoption of advanced computational tools, AI, and other breakthrough innovations, could indeed catalyze a transformative shift in the way corporate legal teams operate. This shift could redefine the functions of legal professionals, signposting an era where legal systems are significantly more transparent, efficient, and adaptable to change.
Having spent time acknowledging the current state of compliance and regulation technologies, the conversation quickly shifted to the future. Expressing a forward-thinking vision, it was iterated how this shift, fueled by synchronized open-source platforms and advanced technologies, is poised to alter fundamentally the landscape of legal technology. A distinct anticipation emerges – the reshaping of legal systems, guided by a pragmatic, outcomes-based approach.
In conclusion, this insightful discussion led by Matt Van Buskirk revolved around extolling the virtues of rapidly evolving legal technologies. It points towards a future where technological innovations would be at the heart of legal systems, catapulting them to new realms of progress and efficiency in the years to come.