Video | Protiviti Legal Perspectives With Managing Director Amber Schreier | Protiviti United States

In a recent episode of the Protiviti Legal Perspectives podcast, Chad Volkert, Global Solutions leader at Protiviti, welcomed Amber Schreier, a managing director in Protiviti’s Legal Consulting practice. With nearly two decades of experience in legal operations, project management and talent management, Amber provided invaluable insights into the evolving landscape of legal and compliance strategies within the financial services industry.

The Evolving Landscape of Legal and Compliance Functions

Financial services institutions are facing an increasingly complex regulatory environment, prompting significant changes in their legal and compliance strategies. Amber highlights several key trends driving this transformation. One of the most notable shifts is the expansion of legal and compliance departments, both in terms of headcount and collaboration. Traditionally siloed functions are now working hand in hand to proactively manage risk rather than simply reacting to regulatory issues.

Moreover, financial institutions are adopting a more strategic and predictive approach to compliance, integrating legal considerations into their day-to-day business operations. This proactive stance not only mitigates risk but also creates a competitive advantage in an increasingly regulated marketplace.

Topics

Risk Management and Regulatory Compliance Legal Litigation Artificial Intelligence

Leveraging Technology and Outsourcing to Enhance Efficiency

A pivotal component of this transformation is the adoption of technology, particularly generative AI. Amber discussed how artificial intelligence (AI) is revolutionizing legal and compliance operations by streamlining processes, improving monitoring capabilities and reducing errors associated with manual tasks. By harnessing AI, financial institutions can enhance efficiency, optimize resource allocation and improve overall risk management.

In addition to technology, legal outsourcing has become a critical tool for enhancing operational efficiency. Amber emphasized the value of outsourcing expertise on demand, especially in addressing complex regulatory issues, entering new markets or managing large volumes of data. Outsourcing not only provides access to specialized knowledge but also offers a cost-effective solution for managing budgets in a resource-constrained environment.

The Role of Alternative Legal Service Providers

Amber outlined several areas where alternative legal service providers (ALSPs) can play a pivotal role in supporting financial institutions. These include the following:

Contract management: Managing high volumes of contracts efficiently while mitigating risk
Litigation support: Assisting with e-discovery, investigations and fraud forensics
Legal research: Alleviating the burden of time-consuming legal research on in-house staff
Data protection and privacy: Navigating the rapidly evolving landscape of data-privacy regulations

By partnering with ALSPs, financial institutions can improve scalability, flexibility and overall operational efficiency.

Collaboration as a Cornerstone of Success

One of the key takeaways from the discussion was the importance of collaboration. Amber stressed that tackling complex legal and compliance challenges requires a collaborative effort across departments such as legal, compliance, technology and finance. By breaking down silos and leveraging both internal and external resources, organizations can better address the multifaceted challenges of today’s regulatory environment.

Final Thoughts

Amber concluded the podcast by offering two critical tips for in-house counsel and legal-operations specialists: First, she emphasized the value of collaboration in solving complex problems. Second, she encouraged organizations to explore the wealth of external resources available, from thought leadership to outsourcing partners to enhancing their legal and compliance functions.

As financial institutions continue to navigate an ever-changing regulatory landscape, the insights shared in this episode of the Protiviti Legal Perspectives podcast serve as a valuable guide for optimizing legal and compliance strategies in a dynamic environment.

Want to learn more? Listen to our other episodes from the Protiviti Legal Perspectives podcast to stay up to date on the latest trends and insights shaping the legal industry. For more information about Protiviti’s services, visit our website.