Team size: 35

Could you share an example of a time when you came up with an innovation that improved how your legal team works and did not come at a large expense?

Over the past three years, we have worked hard to change the way we work, looking at different ways of doing our work. Our main concerns are how to do it efficiently and how to engage in the digital transformation. One example is the permanent use of chatbots. For example, our legal team assists Treasury Operations, most of the time, traders have repetitive questions about conflicts of interest, client interest and registration of transactions, among others. After implementing digital tools, such as an easy-to-use chatbot via Teams for legal queries, our legal team focuses on more complex issues and becomes a secondary source of legal assistance when required.

Another example is the application of legal design. Our legal team has developed a new strategy to reshape many agreements, which prior to such a transformation, required long hours of discussion, explanation, and negotiation with clients, and after our legal design intervention, such documents are clearer to clients and discussions are less frequent. Even regulators and supervisors have welcomed this innovation.

Can you foresee any key developments to the way general counsel work over the next five years?

I can foresee some key developments that will change the way general counsel works. First, the use of AI will reshape our work, although, it is in its infancy and it is difficult to predict how this tool can replace intellectual work, it is undeniable that it has the power to change the way we will spend our time. Productivity may increase significantly because legal research, that which can be done by junior members of the team, could be replaced to some extent by artificial intelligence. Of course, it will still be important for us to confirm each of the research sources and to protect the privileged and confidential information of our company and our clients. However, I foresee that we could focus more on thinking and advising without the need to focus intensely on administrative work. In addition, this innovation will change the tasks we outsource to law firms and other providers. Finally, for our company in general, it is essential to develop policies and procedures for the use of these technological tools. Another development I foresee in the role of the general counsel is in relation to sustainability. Legal advisors must be gatekeepers within firms who prevent greenwashing and implement policies and procedures regarding disclosure, and proper reporting of their firms’ environmental, social and governance standards.

What are some of the main trends impacting the industry sector you work in in Colombia?

The banking sector is changing rapidly therefore the lawyers should change accordingly. Banks around the world are being deeply influenced by technological changes. The demands of customers have transformed the way we interact with them. Banking applications offering all kinds of services have replaced physical branches for product sales and advisory services. Investment needs are also met through digital applications, and connections between banking products and non-financial services are increasingly common. In addition, our customers’ interest in sustainable actions by their financial service providers is growing. The new generation is not only demanding interest rates and yield but are demanding that banks be social actors with an impact on different stakeholders. Finally, banking is a sector that is highly dependent on regulation, and regulation is linked to economic crises, political changes, and social demands. Therefore, I see a substantive evolution of regulatory standards that will keep our legal framework in permanent reform.