The report highlights the changing landscape of the global banking and financial industry, which has undergone significant transformation in the past decade. The industry has had to adjust to increased regulation and higher capital requirements, and the need for robust business processes across the board has intensified. The role of legal departments has become even more crucial as financial companies explore new technologies and expand geographically. The purpose of legal departments is to mitigate legal risks that can cripple the business and bring serious consequences to the firm’s employees. The report also provides an example of the consequences of failing to comply with regulations, which can lead to a mandatory independent external review or revocation of the firm’s banking license. This underscores the importance of adapting to a rapidly changing high-risk environment and the need for robust legal compliance.
