Geopolitical risks and worldwide crises have transformed the work of in-house legal teams in recent years. From surmounting regulatory responsibilities, the obstacles faced by these teams now encompass everything from pandemics and war, to disrupted supply chains and the deployment of artificial intelligence. Their role in risk management has expanded into grappling with a slew of urgent and complex challenges of unprecedented global reach.
These aren’t familiar fires anymore. They originate from places and situations far removed, but their effects permeate corporate reputations, economies, and even physical security. As a result, in-house lawyers find themselves grappling with the realities of a world more interconnected than ever before. With these new challenges extending far into different geographies and industries, in-house counsel has evolved into a crucial actor in risk management for major companies.
Life, indeed, seemed much simpler for in-house lawyers not too long ago. Previously, general counsel served as chief gatekeepers, dealing with legal threats and negotiating on contractual issues, all whilst based in company offices. But the rise of remote work, vulnerable networks and an increasingly digital world have added new dimensions to their roles, forcing them to adapt and innovate.
This week, Bloomberg Law hosts a series of articles and commentaries by experts, offering insights into the rapidly-evolving landscape of geopolitical risk and the strategies that in-house legal teams are adopting. These experts, drawn from academia, consultancy, law firms, and boardrooms, will guide you through shaping risk strategies that incorporate geopolitical nuances, identifying growth areas of risk and exploring the enforcement outlook for multinational corporations. The series will provide a comprehensive overview of both the opportunities and responsibilities that the new normal presents to in-house legal teams.
Bloomberg Law Columnist Rob Chesnut starts the week off, taking a candid look at the challenges ahead for in-house legal leaders and offering some sage advice. He emphasizes, “If no one in the company is outlining a strategy for addressing geopolitical risks in 2024, the job is probably falling to you as the in-house legal leader.” His advice to in-house legal teams also comes with a glimmer of hope as he reminds them that they do not have to stand alone in this new reality. Read More
Deloitte’s Beniamino Irdi builds on Chesnut’s advice, suggesting that resilience against multi-faceted and interconnected risks and a well-devised “polycrisis” scenario plan is a critical need of the hour. For him, legal departments must now involve geopolitical factors at every level of corporate risk planning and strategy. Read More
Hogan Lovells’ Stephanie Yonekura and Matthew Sullivan engage in a detailed discussion about the global regulatory and enforcement trends on the horizon that could potentially undermine multinationals’ compliance efforts. Read More
In subsequent pieces throughout the week, you can look forward to receiving guidance on how to tackle the burden of dealing with financial crime networks, along with advice on incorporating a robust human rights policy into your ESG strategy. The series vows to cover a broad spectrum of relevant topics, from labor risks in supply chains to the emerging role of the Chief Resilience Officer in response to mounting global conflicts.
Regardless of the sector or geographic location of your organization, this series promises to provide crucial insights into geopolitics and risk – an invaluable resource for today’s in-house legal professionals.