Reimagine your Legal, Risk and Compliance function with AI

Artificial Intelligence technologies not only speed up processes, they change the nature of the work itself - including for Legal, Risk and Compliance functions. The competitive gap is widening; the tools are here, the risks are manageable and the time to act is now, say Babar Hayat and Ian Stott.

Babar Hayat (babarhayat@konexoglobal.com) is head of Technology and Transformation at Konexo, part of Eversheds Sutherland. Richard Chudzynski (richardchudzynski@konexoglobal.com) is head of Konexo Middle East; Ian Stott (ianstott@konexoglobal.com) is head of Financial Services; and Skanda Reddy (skandareddy@konexoglobal.com) is a senior consultant.

In an era rife with complexity, geopolitical uncertainty and relentless cost pressure, Legal, Risk and Compliance (LRC) teams within global financial services have been forced to evolve. While larger financial institutions often split LRC teams into separate functions to fulfil the three lines of defence expectations, especially under the Financial Conduct Authority and Prudential Regulation Authority, a common evolution is Artificial Intelligence. From starting simply as an efficiency upgrade, AI is emerging as a strategic imperative that enables LRC professionals to shift from being gatekeepers to becoming proactive enablers of institutional resilience and growth.