Team size: 55

How do you feel the pandemic has changed the world of work for in-house counsel and the function of the general counsel?

One of the main changes brought by the pandemic has been the increased turn to remote working. As a compliance department, we spent a lot of our time doing on-sight visits in the different business units — it has been possible through Teams, but undoubtedly more complex. With the future expectation that employees will work from home, we must develop new methodologies to carry out on-sight visits. Moreover, many physical meetings have been replaced with virtual ones increasing efficiency (shorter sessions and no commuting time).

What will be the main focus for the company in the next 12 months and how do you intend to assist with this?

The main focus for Nykredit in the next 12 months will be to continue its leadership role as the largest lender to homeowners in Denmark, serving the Danish economy. The aim of the company is ‘winning double,’ ensuring customer-centricity, profitability, and efficiency. Nykredit wants to make a difference to personal and business customers alike and strengthen the collaboration with partner banks in the Totalkredit alliance to serve its customers better. The compliance department will assume a pivotal role in protecting the company and creating solid foundations to achieve the company’s goals. More than 35 people have been appointed as assistant risk and compliance officers in different business units of the Nykredit Group — their role is to strengthen the compliance culture and prevent violations. Furthermore, we have instituted a centre of excellence within the compliance department as the legal requirements and expectations of the regulator are continuously increasing.

What do you feel are the pros and cons of an in-house legal role compared to a private practice one?

One of the main pros of an in-house legal role is being closer to the management team and business units. It is cheaper to have an in-house legal and compliance department than hire external counsel. Additionally, internal lawyers have a higher business understanding as they have the same clients within the company. The biggest cons are that some areas of law are very specialised and require hiring external help for legal assistance.