Regulations surrounding financial services, banking, and general finance activities are expanding on a global basis. More governments are demanding greater transparency of information by imposing stringent requirements and more investor protection frameworks. The regulatory environment on a global scale is also becoming exponentially more complex, which is gaining the attention of more C-suites and boards.
At the same time, digitization of the financial services industry is occurring at a lightening-speed pace. Artificial intelligence now drives the way leading firms provide everything from customer service to investment advice. Digital labor, or robotic process automation, is helping firms automate things they couldn’t do before. As a result many legal functions, tasked with managing the complex myriad of financerelated compliance requirements, are asking whether they themselves should take better advantage of automation to enhance efficiency and value.