How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?

In Greece, we could characterise the years after 2012 as turbulent times. The financial crisis, the possibility of a Grexit, the financial impact of the pandemic, increased regulatory scrutiny, AI, and new laws and regulations have become the new normal. The legal professional, both as an external counsel and as an in-house counsel, has faced new challenges that were unprecedented, both in substance and frequency. Expectations have changed, and the legal professional now has to do more than simply provide legal advice based on the law. In this context, we, as legal professionals, must act as business partners, monitoring legal and business trends and proactively providing advice to the CEO and other executives, enabling them to make well-informed decisions that consider the risks involved, while also ensuring mitigation measures are in place for potential risks. We need to offer flexible solutions and think outside the box, among other things by embracing new technologies. In addition to being members of standard committees, the in-house legal counsel is also a member of the Crisis Team, providing advice for decision-making and participating in all significant projects.

What emerging technologies do you see as having the most significant impact on the legal profession in the near future, and how do you stay updated on these developments? 

Automation, artificial intelligence, virtual legal assistants, data privacy, and AML digital tools are the most common trends in legal technology today. Automation and artificial intelligence tools make the life of the in-house legal counsel easier. Automation streamlines processes and enhances efficiency, while AI can accelerate the process of finding necessary information (legal research), enabling more complete and accurate answers. However, artificial intelligence is unlikely to replace legal professionals, at least not in the short term, as complex legal issues cannot be resolved solely through AI.

In our legal department, we use digital tools for research and for monitoring new laws and regulations, as well as their implementation. In our privacy department, we have implemented tools for privacy processes, and in our compliance department, we have adopted tools for monitoring compliance obligations and managing compliance cases. We ensure that we stay up to date with emerging legal trends related to these areas.

How do you prioritise diversity and inclusion within your legal department, and what initiatives have you implemented to foster a more inclusive and equitable work environment? 

Diversity and inclusion are a high priority at Allianz Group. Gender equity and equal pay have been some of the most important initiatives in recent years. Apart from that, in the legal and compliance department, we provide all employees with the opportunity to work flexibly and to ask for support whenever required. We also welcome people from different backgrounds and provide them with the chance to evolve by offering ongoing training and education as needed. In principle, in our department, you can achieve anything you aim for, based on meritocracy and not on gender.