How tech innovations are solving the challenges of legal and compliance teams

Podcast host Susannah Streeter welcomes Meribeth Banaschik, EY’s Europe West Innovation Leader, Todd Marlin, EY’s Global Forensic and Integrity Services Technology Innovation Leader, and Alan Gibson, Director, Legal and Compliance Innovation at Microsoft. Together they  discuss the opportunities and risks facing legal and compliance functions as data-driven technologies – such as big data analytics, machine learning (ML), artificial intelligence (AI) and robotic process automation (RPA) – become more widely available.

While more companies than ever before value corporate integrity and its benefits, the EY 2022 Global Integrity Report has revealed that the pandemic has made it harder for businesses to uphold the highest standards.

Data-driven technologies, however, are now able to address this imbalance, helping organizations monitor legal and compliance risk in real time, generate powerful insights and design strategies to deliver better business outcomes.

Helping companies operationalize large volumes of data in this way makes it easier for them to identify risk patterns that may otherwise have remained hidden and avoid situations which may have resulted in litigation, non-compliance or fraud.

Should the worst happen, AI, ML and RPA can also help fast-track the e-discovery and the evidence building processes, enabling a company to gather case materials faster, more accurately and using fewer resources. 

Implemented correctly, multi-disciplinary teams will own and operate these data-driven solutions, breaking down data silos and allowing a richer, more inclusive data exchange right across the business.

Key takeaways:  

• While the technology opportunities for legal and compliance functions are great, there are also significant risks to navigate.
• These risks include data privacy concerns, the need for GDPR compliance and the emergence of nascent AI legislation, which is being developed in the EU, US and China, among other jurisdictions.
  
• The role of legal and compliance teams will also change significantly, with technology automating and accelerating repetitive tasks.
  
• As a result, human employees will be liberated to engage in value-added tasks and they will be equipped with superior data-driven insights
  

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