In the current complex business setting, geopolitical factors pose significant lurking risks that corporate legal teams must acknowledge. One senior legal professional who has closely monitored these concerns is David Bamlango, General Counsel of the Eastern and Southern African Trade and Development Bank. Bamlango affirms the necessity for legal counsels to be not only cognizant of geopolitical threats, but also deeply engaged in navigating their potential impacts.
Recent reports indicate that the role of General Counsel (GC) is rapidly expanding, particularly as global businesses grapple with more daunting geopolitical challenges. Corporations are requiring their legal teams to have a fundamental understanding of global sociopolitical dynamics so they can dovetail with senior management providing strategic advice.
“You cannot not be aware. Otherwise, you will not be relevant in the boardroom or relevant for the senior executives who come to you for advice,” says Bamlango. As geopolitics increasingly intersects with business decisions, GCs, with their legal acumen and strategic capabilities, are positioned at the forefront in deciphering these complexities and safeguarding their organizations.
Indeed, geopolitical risks may extend beyond anticipated obstacles such as trade tensions or regulatory shifts. The emerging threats could influence various facets of an organization, from operational modalities and supply chain structures to compliance frameworks and cross-border transactions. Consequently, GCs have an added responsibility to enhance their geopolitical risk literacy and equip themselves to contribute more holistically to the corporate decision-making process. After all, staying aware and relevant has never been more critical in this ever-evolving business landscape.