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WINNER: DBS Bank
Customer risk is now tracked using real-time information, including the tracking of customer activity, after the bank changed its due diligence process from one based on static data. The legal team at the Singaporean multinational worked with its corporate banking unit to test the approach, advise on regulations and drive adoption. The new system is better at identifying customer risk and the change has cut the volume of due diligence reviews by a fifth.
Chevron Australia
A lack of knowledge about technology was preventing employees making best use of the digital tools that were becoming available to them. So Schellie-Jayne Price, senior legal counsel at Chevron Australia, set up a “tech café†with the help of the IT department. Staff at the energy company can have their queries answered by specialists — the service was used more than 2,000 times last year. Commended: Schellie-Jayne Price.
HSBC
A link on intranet pages and next to email signatures will soon direct staff to an easy-to-read digital manual on internal compliance. The legal team made use of new techniques to redesign the compliance processes at the multinational bank, and the user-friendly interface will tell staff how and when to involve their legal colleagues. The system will be launched in Hong Kong before it is implemented across the company.
Lazada
The legal team at the Singaporean ecommerce company helped to introduce an automated regulatory platform to improve efficiency. This system puts emails from regulators and enforcement agencies into a standard format and creates a ticket that is then assigned to the relevant legal team and other units in the business. The system allows the legal team to identify emerging trends.
Rio Tinto
The mining multinational now uses ebilling and has standardised how it reviews invoices from law firms. It has streamlined the process of issuing requests for proposals — a move that has encouraged competition among incumbent law firms. These initiatives, led by the in-house legal team, saved $10m in 2020.
Telstra
Lawyers have a leading role in the radical restructuring under way at the Australian telecommunications provider and have also reorganised their team into 10 connected functions. Their roles have broadened to focus on the turnround of the company, as well as innovation, sustainability and external affairs. The latter includes managing relationships with regional and indigenous customers in Australia.
Woolworths
At the Australian supermarket chain, Legal X — a new division of the in-house legal team that was set up in 2019 to help with data privacy, risk and digital matters — created a series of tools to enable more colleagues to “self-serveâ€.
For instance, customer care teams can now handle data incidents, unless they involve a potential data breach, without the legal team.
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