Team size: Three
Country: Guatemala

Could you share an example of a time when you came up with an innovation that improved the way your legal team works and did not come at great cost?

This year, our company is actively optimising our risk assessment processes through adopting software solutions. We are investing in tools that facilitate the preparation of due diligence and the verification of individuals and suppliers against international lists. This strategic move is enhancing the efficiency of our legal team without incurring significant costs, leading to a more effective and comprehensive approach to risk management.

What are some of the key developments that have affected your business over the past year?

Over the past year, several key developments in Guatemala have had an impact on our business. From a legal standpoint, there have been changes in regulations related to the distribution of certain pharmaceutical products for drugstores and other pharmaceutical establishments. This has required updating our internal processes and raising awareness among our suppliers and customers of the importance of complying with these regulations.

How do you see the in-house legal role evolving in the coming years?

It is anticipated that the legal role will undergo significant changes in the coming years. As the regulatory landscape continues to evolve around the world, legal professionals are likely to place greater emphasis on proactive compliance measures and programmes. This may involve a more integrated approach to risk management, including the use of advanced technologies. In addition, the broadening scope of corporate responsibility and the growing importance of ethical business practices may lead to a broader role for legal teams in guiding and implementing better compliance programmes in their organisations.

Do you use any ‘legal technology’ products and, if so, for which areas of your work do you find them most useful?

Yes, we currently use a risk management software for due diligence processes.