August 13, 2021
Eoin Gillen (APAC General Counsel for BNP Paribas) speaks to Stephanie Szeto (head of Peerpoint) about the challenges and opportunities of embracing technological transformation within the BNP Paribas in-house legal team. Stephanie: Could you tell us a bit about how BNP Paribas has successfully leveraged technology in your legal team’s innovation? Eoin: With the technological transformation going on around us, legal departments simply cannot afford to ignore the possibilities that digital innovations bring. We’ve developed a number of things, some in partnership with vendors and others internally. As part of a large financial institution, and with banks themselves becoming more like large technology companies, when it comes to things like document automation tools the legal department is part of a bigger product and process chain. BNP Paribas is not just looking at the production of legal documentation, but every element of the transaction from start to end. Some of our document automation initiatives have been in that context, but our in-house legal function is also large enough to justify investment in technological solutions that are tailor-made to meet our needs. We’ve invested significantly in document automation tools for standardized contracts and have been are upskilling certain staff with basic coding skills to get the most out of those tools. We’ve also built a proprietary legal risk reporting tool that is being used globally, allowing us to monitor and track the development of new legal risks. That creates a structured data set that can be analyzed to anticipate risks and spot risk trends and patterns, so we can focus resources or beef up talent as we need to. Stephanie: How...