Shannon Finch – GC Powerlist
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Australia 2023

Financials

Shannon Finch

Group general counsel | Westpac Banking Corporation

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Australia 2023

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Shannon Finch

Group general counsel | Westpac Banking Corporation

What has been the number one challenge that has impacted you over the past year?

The sheer multiplicity and scale of contemporaneous challenges of strategic significance. Geopolitical risk, active conflict, economic uncertainty, inflation, and community financial hardship. Climate change, evolving regulatory frameworks, changing customer needs, the impact of the pandemic on ways of working and learning. The list is infinite. The scale, scope, and impact of these different forces on the community and on our people in their personal and professional lives demands a different service model than traditional legal services. It still demands depth of expertise, sectoral understanding, cost-discipline and risk maturity, but with greater agility in mobilising and adapting swiftly to change. Legal work in this evolving landscape requires a broad outward focus, increased emphasis on cross-team connectivity and learning, an understanding of the importance of psychological safety in the current environment, and deep compassion for the community and for people who are facing challenges.

Looking forward, what technological advancements do you feel will impact the role of in-house legal teams in the future the most?

The simultaneous opportunity and challenge of AI is finally becoming real for the legal sector. It presents such enormous potential for efficiency in managing workload, making legal know-how and answers more accessible to a wider population, and achieving greater consistency and integrity in analysis in a cost-efficient way. And still, it presents profound challenges: curating and verifying reliable source content, managing the risk of specific or systemic error and bias, broader ethical issues, security concerns. Critical is the continued cultivation of people skills in our legal professionals, fostering fulfilling careers and encouraging the next generation of human trusted advisers. I still believe AI will find an important place in the work of the modern lawyer – one who can cut through complexity and bring a strong ethical sense to show a path forward. The divide between knowledge and wisdom will still be a meaningful and valuable differentiator. We’ll be keeping an open mind and using this time to learn and engage.

What would you say are the unique qualities required to be successful as an in-house lawyer in your industry?

Deep sectoral business knowledge combined with legal expertise, curiosity, great communication skills, and the confidence to express a strong view when needed. As an in-house team, we are important partners for the business leaders, but we also have a role as coaches, counsellors, and guardians. We can test and challenge, bring diverse perspectives, support mature assessment and understanding of risk, and help foster a mindset of continuous improvement. That is, in part, fostered by being balanced, candid and straight-talking, but also by bringing more than just the legal perspective. You have to appreciate the bigger picture.

Shannon Finch - Australia 2022

Group general counsel | Westpac

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