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Chief Compliance Officer: the new Eldorado for lawyers?

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The synergies between LegalTech, PrivacyTech and RegTech are so numerous that together they form a coherent base of solutions and innovations that serve the competitiveness of our companies and the legal attractiveness of France.

Some lawyers have been the first to seize the opportunities of PrivacyTech to prefigure a technology-enhanced DPO. Seraphin.legal now offers the lawyers in its network the opportunity to use RegTech solutions to create an augmented Chief Compliance Officer (CCO)!

Self-assessment module: a bridge between RegTech and LegalTech

Self-assessment is an essential step in compliance. Thanks to technology, it is possible to obtain an evaluation, a score of one's level of compliance, and then - in a second phase - to accelerate compliance, for example by hiring a lawyer to assist with implementation. In this sense, the RGPD is a founding text that has catalysed the meeting between technology and compliance.

Seraphin.legal has developed several RegTech self-assessment modules in several solutions to support business compliance and risk prevention:

Augmented DPO: a first example of a PrivacyTech augmented lawyer

While the RGPD has represented a huge business opportunity in Europe, lawyers have largely positioned themselves in the outsourced DPO market. The enhanced DPO is often a lawyer who has his own PrivacyTech solution. Some, like Me Jean-Charles Simon or Me Sylvain Staub, have even successfully created their own solution (the nuggets Mission RGPD and Legal Data Drive).

According to the CEO of Seraphin.legal and president of PrivacyTech, the RGPD is " a founding text that has catalyzed the meeting of tech and compliance ".

Some companies, using RegTech and PrivacyTech solutions, are able to score their compliance and document their compliance. The RGPD has moved things in this direction. In some time this process will simplify litigation in terms of evidence. As an example, the company Natixis is able to take into account the daily changes in positive law in its compliance procedures. RegMind collects and processes daily banking regulation data in France and on a European scale. Each compliance article is connected to an article of positive law. As soon as the latter moves, they are informed. Compliance is managed dynamically and allows for "real-time" compliance management.

Business Law: from enhanced DPO to enhanced CCO?

As Olivier Bénureau, founder of Magazine des Affaires,reminded us, in the United States, the Chief Compliance Officer (CCO) is independent of his or her hierarchy. In France this is not always the case, especially in large groups... In this new position, as was the case for the DPO, the guarantees of independence and ethics inherent in the profession seem essential. He or she will form a tandem with the internal compliance officer or why not become an external CCO of the same company!

According to Hortense de Roux, lawyers already regularly assist companies in setting up compliance programmes (risk mapping, training) but also in documenting reprehensible behaviour and internal investigations, in particular through the use of evidential procedures.

It is in this spirit of prefiguring an augmented CCO that Seraphin.legal and RegTech Legaware are partnering to offer a few lawyers from the Legal Tech Lawyer network to come and design their own solutions to make available to their clients.

 

In order to define a real status for the augmented CCO, it will be necessary for the institutions concerned to take up the issue to offer the profession a new business lever in the tech and legal fields.

In the meantime, some of the first Legal Tech Lawyers will learn how to code compliance and position themselves on this promising market!

About Legaware

Legaware is a Compliance platform using the collective intelligence of experts. It allows :

  1. carry out online profiling of a company in order to obtain the different obligations applicable to its activity
  2. develop a checklist of priority tasks to be carried out according to their risks and urgency
  3. outsource compliance to external parties or service providers

The training will consist of training the lawyer-coders to create content specific to their expertise on Legaware. The creation of content implies having: 1) a basic knowledge of legislative drafting; 2) some knowledge of the code

 

 

 

 

 

 

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