Law Society Risk & Compliance: Insights from Paul Philip, CEO at SRA
Insights from Paul Philip, CEO, SRA at the Law Society’s Annual Risk & Compliance Conference 2023.
Paul Philip, CEO of the SRA gave the keynote at this year’s Law Society Risk & Compliance conference. He highlighted that 2023 had been a time of intense change:
- geopolitical change
- changing values/ethical considerations across society
- changing moral and other beliefs
These factors placed pressure on lawyers who have professional obligations. Paul stated that the role of a solicitor is not to do what the client wants you to do but to think independently about whether it’s the right thing to do.
This set the scene for the rest of the conference which probed the shift in the public perception of the role lawyers from advocates to “enablers”. This comes with a wealth of challenges for Risk & Compliance professionals who have to answer much broader, more nuanced questions when deciding
- who they do business with
- what matters they act on
- what advice they provide
When looking to the future, Paul suggested that new technologies, including Artificial Intelligence products would come to meet that need.
Key Quotes
- “Technology is the next big ticket item for the legal sector.”
- “We’ve being saying for many years the robots are coming, maybe this year they’re just around the corner”
We couldn’t agree more. Our clients in the legal sector are no longer asking whether they can (legally) engage with an entity, but whether they should (ethically).
Traditional compliance tools can’t help you answer this nuanced question. A typical KYC/AML search is a factual check of recorded data in structured databases. To really ‘know’ a stakeholder, deep, contextual background research is required.
That’s why we’ve spent 5 years harnessing linguistic knowledge embedded deep within Large Language Models and combining it with next-generation collective resolution and disambiguation techniques to deliver an AI product that solves a live, real world challenge for lawyers : “knowing your counterpart”.
Xapien delivers automated background research reports on individuals and organisations in minutes, not days, so you can make complex, ethical decisions, on the basis of deep contextual insights.
To find our more about how Xapien can meet your ever-growing due diligence needs get in touch.
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