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Section 2 – Growth
Understanding cultural differences and being confident in working with different business temperaments and attitudes is a key component of success. It is also important to recognise the increased risk of data privacy and cybersecurity risk in markets where technology infrastructure is less sophisticated. Building contingency into budgets and timing is also essential as delays and overruns in planning and implementation are inevitable. ENT E R I NG NEW MARK E T S ENTA I L S UNDE R S TAND I NG D I F F E R ENT T EAMS , HOW THEY TH I NK AND WHAT THE I R CULTUR E I S . HOW WI L L THEY R EACT TO A COMMENT ? AR E THEY MOR E T I M I D, CONF RONTAT I ONAL , HAP PY TO EXP R E S S THE I R V I EWS F RANK LY AND SO ON? CYB E R S ECUR I TY R I S K I S AL SO I NCR EAS ED I N L E S S DEVE LOP ED NAT I ONS WHO AR E NOT SO WE L L EQU I P P ED TO DEAL WI TH I T.
Effective entry into new markets is a skill built up through experience and trial and error. The barriers and obstacles are great but the expertise built up over many years can produce substantial rewards. Documenting processes and providing guidance that can be passed on to current and future senior staff and legal, risk and compliance teams is important to ensure learnings are embedded and built upon. The ability for legal teams to proactively identify potential problems and suggest solutions is also a key aspect of success. This changes the
THE R E I S A T ENDENCY FOR AL L P ROCE S S E S
THE GENE RAL COUNS E L HAS TO B E S CANN I NG THE HOR I ZON FOR COMME RC I AL R I S K – THEY AR E NOT DO I NG THE I R J OB OTHE RWI S E . I T I S CRUC I AL TO UNDE R S TAND THE B ENE F I T S OF WHAT THE BUS I NE S S I S TRY I NG TO ACH I EVE AS WE L L AS THE R I S K .
TO B ECOME MOR E COMP L EX , WH I CH MAK E S I T HARDE R FOR SMAL L E R
ORGAN I SAT I ONS TO COMP E T E , ALTHOUGH T ECHNOLOGY CAN B E UT I L I S ED TO S I MP L I F Y TH I NGS . T ECHNOLOGY AL SO SUP PORT S
Anonymous General Counsel
OUR P EOP L E HAVE GROWN TO UNDE R S TAND WHAT GOOD L I K E I N T E RMS OF CONTRACTUAL AND R EGULATORY F RAMEWORK S TO OP E RAT E I N. WE HAVE TAK EN THE L E S SONS THAT HAVE DEVE LOP ED OVE R 3 0 YEAR S AND TRY NOT TO MAK E THE SAME M I S TAK E S AGA I N. THE R E I S NO MAG I C TO I T, I T COME S DOWN TO F I R S T P R I NC I P L E S . THE B I GGE S T TH I NG I S EDUCAT I NG YOUR P EOP L E SO THAT THEY AR E P RO - ACT I VE ON AN OP E RAT I ONAL L EVE L . I F YOU RA I S E THE I R AWAR ENE S S , THEY WI L L COME TO YOU B E FOR E P ROB L EMS AR I S E , NOT AF T E R .
focus of the legal function from firefighting and dealing with the
E F F ECT I VE ENTRY I NTO EME RG I NG MARK E T S BY
aftermath of problems, towards taking a more proactive approach that is less passive and anticipates rather than reacts to risk.
R EDUC I NG THE NE ED FOR ON THE GROUND P R E S ENCE .
Anonymous General Counsel
General Counsel, Financial Services
WE AL SO AS S E S S R I S K F ROM THE P E R S P ECT I VE OF THE OP PORTUN I TY. DOE S TH I S P R E S ENT A GAP ? CHAL L ENG I NG MARK E T S CAN P R E S ENT OP PORTUN I T I E S AS THEY AR E S E EN AS TOO D I F F I CULT OR P ROB L EMAT I C TO ENT E R FOR A LOT OF CONSULTANT ’ S WHOS E R I S K AP P E T I T E DOE SN ’ T AL LOW THEM TO EVEN B E CONS I DE R ED.
Gary Davison, Legal Director and Company Secretary, AKT II
Ronald Cheung, Legal and Risk Management, Fung Group
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