FTI Consulting and Association of Corporate Counsel Singapore Survey Finds General Counsel in Asia Lack Guidance on AI Adoption
07 Février 2024 - 2:00AM
FTI Consulting, Inc. (NYSE: FCN) and the Association of Corporate
Counsel Singapore (“ACC Singapore”) today announced findings from A
New Era of Legal Advisor: 2024 In-House Counsel – Perspectives from
Asia report, which uncovered substantial changes in how global
legal departments are strategizing around and preparing for their
biggest risks, including artificial intelligence (“AI”).
Most notably, 95% of in-house legal counsel in Asia surveyed are
using generative AI in some capacity for legal tasks, such as data
processing (54%), risk identification and assessment (51%),
regulatory change management (48%) and sanctions screening
(43%).
However, 65% of respondents said their companies have not
provided sufficient guidance for the use of generative AI, and 45%
said they do not have specific third-party risk assessments to
capture security and operational risk concerns for new
technologies. According to the findings, this provides an area of
opportunity for in-house legal counsel, as the ability to grasp new
technology is becoming an expectation for legal advisors and
companies alike.
The 2024 FTI Consulting and ACC Singapore In-House Counsel
report draws from primary research and expert analysis to provide
insights on the evolving role of the general counsel or senior
in-house counsel in Asia and identifies key challenges, priorities
and opportunities. The report focuses on the five principal areas
that the research identified as 2024 priorities for in-house
counsel in Asia: generative AI, cybersecurity, regulatory scrutiny,
investigations, geopolitics and sanctions.
“Conversations with general counsel uncovered a clear sense that
the scope of their role was broadening,” said Anna Bleazard, Asia
Head of Financial Crime Compliance and Southeast Asia Co-Leader of
Investigations at FTI Consulting. “No longer simply an expert in
matters of law, in-house legal counsel have become vital business
advisors, taking the lead in helping companies understand an
increasingly complex macroeconomic, regulatory and geopolitical
environment. These are all adding pressure to the role as legal
teams need to get up to speed quickly in order to manage the
potential risks.”
Gino Bello, Southeast Asia Head of Technology and Asia Co-Leader
of Investigations at FTI Consulting, added, “Today’s senior legal
professionals in Asia face a set of unique challenges given the
diverse legal, cultural and business landscapes across the region.
They are navigating complex challenges while ensuring corporate
success. In particular, now we see legal leaders in Asia have a
‘seat at the table,’ and they play a pivotal role in leading the
way forward.”
Key findings include:
- Almost two-thirds (64%) agree that their company is not doing
enough to proactively reduce cybersecurity risks; and while 61% of
respondents in Asia were “very confident” in their company’s
ability to “proactively prepare for emerging legal risks that may
occur,” only 47% felt they could effectively respond to legal
incidents that have occurred.
- 58% said that their company has planned for disruption to
operations as a result of geopolitical tension.
- More than half of respondents (56%) cited data protection as
the biggest issue that they expect to have a regulatory impact on
their company in the next 12 months.
- 51% said that financial misconduct was the most common cause
for internal investigations in the organisation.
“Looking after a diverse region like Asia requires general
counsel and senior in-house counsel to understand the complex risk
landscape, while fostering a growth mindset. A New Era of Legal
Advisor: 2024 In-House Counsel - Perspectives from Asia provides
valuable insight on where legal officers in Asia are facing the
biggest headwinds and the risks their peers are prioritising,” said
David Sullivan, President of ACC Singapore and Legal Director for
APAC, WPP.
A New Era of Legal Advisor: 2024 In-House Counsel - Perspectives
from Asia is available for download here.
About FTI ConsultingFTI
Consulting, Inc. is a global business advisory firm dedicated to
helping organisations manage change, mitigate risk and resolve
disputes: financial, legal, operational, political &
regulatory, reputational and transactional. With more than 8,000
employees located in 31 countries, FTI Consulting professionals
work closely with clients to anticipate, illuminate and overcome
complex business challenges and make the most of opportunities. The
Company generated $3.03 billion in revenues during fiscal year
2022. In certain jurisdictions, FTI Consulting’s services are
provided through distinct legal entities that are separately
capitalised and independently managed. For more information, visit
www.fticonsulting.com.
FTI Consulting, Inc. 555 12th Street
NWWashington, DC 20004 +1.202.312.9100
Investor Contact:Mollie
Hawkes+1.617.747.1791mollie.hawkes@fticonsulting.com
Media Contact:Andrew
Gerrard+852.3768.4562andrew.gerrard@fticonsulting.com
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