Why the general counsel should care about regulatory compliance software

According to the Legal Departments in a Digital Era report, 72% of legal departments say compliance and risk management are highly important. However, the maturity level is at 34%. Discover the other challenges and more expert insights in this article.

Compliance and risk management are top priorities according to legal departments across Europe, but there’s still work to be done. According to the Legal Departments in a Digital Era report by Wolters Kluwer and the European Company Lawyer Association, 72% of legal departments say compliance and risk management are highly important. However, the same report found that 34% rate the maturity level of compliance and risk management as advanced, while an additional 42% say the maturity level is intermediate. Clearly, there’s a discrepancy between the importance of compliance and risk to legal departments and the maturity level.

One explanation for this is because the general counsel’s role is tricky when it comes to compliance. Who owns compliance within the organisation? In some organisations, the general counsel may be only responsible for risk management, while the compliance officer is responsible for compliance. In other organisations, the general counsel is responsible for regulatory compliance based on the idea that compliance is a legal matter. Evidently, the general counsel’s role in compliance matters depends on the size and structure but the general counsel will probably have some responsibility for compliance. In this article, you’ll learn why the general counsel should care about compliance and how leveraging technology can help.

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