María Fernanda Acosta Segovia – GC Powerlist
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Colombia 2023

Financials

María Fernanda Acosta Segovia

Legal counsel | Fondo Latinoamericano de Reservas (FLAR)

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Colombia 2023

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María Fernanda Acosta Segovia

Legal counsel | Fondo Latinoamericano de Reservas (FLAR)

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?

This year, as part of the tactical projects of the legal counsel office, we initiated an automatization of the workflow for the request, drafting, negotiation, approval, execution and filing of agreements for the procurement and human resources departments. To do so, we used an existent software license that we identified as useful for the purpose without any additional development requirements. This translated into a zero-cost solution for the international organisation, without considering the time invested by the legal, procurement, information management and technology teams. The benefits of this project are mainly two: time response optimization, and traceability and clarity in the communication between the areas involved.

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, equity, and inclusion (DEI) are paramount for the development of the legal department. We are convinced they are indispensable for the achievement of great results, considering different perspectives and fostering innovation.

In the second semester, 60% of the team (including interns) are women, and 40% (also including interns) come from different nationalities. However, DEI are values broader than gender-related identities, women’s participation, or nationalities. Considering this, and seeking a more profound impact, at the beginning of the year, when planning strategic and tactical initiatives, the Office of the Legal Counsel proposed to intentionally work on making the organization an even more inclusive, diverse, and equitable workplace. Naturally, we proposed to co-lead the initiative with the human resources department.

The initiative was approved, and resources were allocated. Consequently, we selected a strategic partner -an expert on the subject- to work with and guide us. We will arrange activities and workshops on the subject that will include the whole staff. We aim to create internal DEI protocols. My expectation is to continue working on the project for the following years, not just because of its long-term horizon but because working on this subject is meant to be part of our culture and requires ongoing work and commitment.

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

Artificial intelligence (AI) will provide an opportunity to reallocate resources and make our work more efficient, and we should take advantage of the constantly growing technology tools to facilitate it. However, AI also comes with an enormous challenge: making evident that the most valuable contribution of the general counsel is not necessarily linked to its expertise in researching precedents and production of legal documents. It is to articulate a wide range of knowledge, facts, and data -not limited to the legal field- to provide advice within the framework of the specific purpose and strategy of a company in each context with its risks (for instance, reputational).

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