The role of a Chief Legal Officer (CLO) has lately become more important. With the ever-growing digital landscape, today 61% of global companies CLOs report directly to the CEOs. However, with the increased importance of this position also comes concerns. The most stressed issues for 2018 are all tied together, focusing on a digitised world.
It is key to have a Chief Legal Officer (CLO) who is well-positioned and can influence corporate strategy. Regulations change so often in the global business environment, and therefore it is crucial to have a CLO that understands it to be a top concern, and who can then regularly provide legal and strategic input to the CEO (and the board).
However, being a Chief Legal Officer has its constraints. Plenty of issues come to their attention on a daily basis. And because it is extremely important to be precise in their corporate role, fighting the company struggles can tend to overweigh.
What’s on the Chief Legal Officers’ minds?
In the yearly Chief Legal Officers survey from the Association of Corporate Counsel, it is stated that CLOs have three important issues to focus on at the moment.
- Regulatory changes
- Data breaches
- Information privacy
The biggest concern amongst CLOs is regulatory or governmental changes coming from the globalization of business, with the other two issues following closely behind.
And all three concerns really go hand in hand and are part of a vicious circle. Having a CLO who understands the global regulatory environment is crucial. With a globalized world and companies pursuing business worldwide, so come different rules to follow. But the same globalization also includes different regulations about information privacy, which is also one of the main reasons for cyber breaches. Therefore, the CLO doesn’t only have to think about the legal implication, but also how everything around is affected.
Technology development – also a big fear of the Chief Legal Officers
In the Chief Legal Officers Survey of 2018, 59% of the asked CLOs stated that they had concerns about the developing digital landscape.
With continuing digital development, there are always new software and features to work alongside. However, there is an upside to it. As one adapts to technology, one can benefit from its aid and focus on other concerns.
Learning and adopting new technology into a business is crucial for succeeding. In an article published by Forbes, it is stated that a company today uses over 500 software applications for their business. All of which have a strategic and important role in achieving the goals of different departments of a company. This is also, if not even more true, the case for corporate legal teams.
Technology and legal teams – a love story?
Corporate lawyers have been known for being early adopters and at the forefront when incorporating new technology. Mainly because it helps with keeping data centralized and works as an assistant with keeping legal documents and data in check.
Corporate legal software offers help to carry out management missions, follow-up subsidiaries, and participate by centralizing all the data relating to the legal life of corporate entities, plus ensuring their traceability. Thus, it allows for an overall view of all units which eases daily work for corporate legal teams.
The use of DiliTrust solutions can ease the workload
With technology speeding ahead, there is no other way than adopting to its ways. But saying so, it shouldn’t be a struggle. Rather, digitalization should be suggested and seen as assistance. And maybe this is especially needed in the world of in-house counsels as their workload and responsibility roles are growing like tomatoes in a greenhouse.
With the DiliTrust Governance suite, it is possible to manage all legal areas collectively, archives legal data and documents, monitors activities and shares legal documents and collaborates online in one and the same place. All documents can be easily found, making corporate lawyers more efficient and not focused on time-consuming work.
Contact us today and we will let you know how our solution can help your business excel.