First Thing We Do, Let’s Exclude All the Lawyers
The independence and role of the legal department within regulated banking organizations has come under pressure in recent years. The current situation of mutual mistrust, diminishment of the in-house legal function, silence by the organized bar, and lack of training in the legal framework for supervisory staff as well as lack of understanding of the basic principles in risk management by lawyers must stop. That means more cross-training, more conversations to understand the other professional silos, and more working together within the organization. The time to do so is now because the next step is augmenting basic legal interpretation by algorithms. If we are not doing it properly in human brains, how will the algorithms know, and who will train them? We need to fix the situation now.