Legal director | BEC Financial Technologies
Alice Grünfeld
Legal director | BEC Financial Technologies
Team size: 21
What are the most significant cases or transactions that your legal team has recently been involved in?
Legal and Compliance is continuously expanding its activities. When I joined BEC 17 years ago, I was the first lawyer in BEC among over 1000 employees. Now, with over 1800 employees, we have a Legal and Compliance area comprised of 21 individuals, nearly all of whom are lawyers. Recently, we have taken over sector compliance responsibilities, including compliance with PCI DSS and other sector schemes. Additionally, we have been tasked with, and are in the process of, establishing a general regulatory compliance unit.
In autumn 2023, we oversaw the outsourcing of further IT operations to another company, as well as the insourcing of approximately 100 IT specialists from banks to whom we provide IT services, including development and operations.
What would you say are the unique qualities required to be successful as an in-house lawyer in your industry?
First and foremost, the ability to change and adapt is crucial. I have experienced and strongly believe that the tasks of in-house lawyers, especially in BEC’s area of business (IT), are evolving rapidly. We used to be IT-lawyers, working with contracts. However, now we are essentially tech-lawyers, still dealing with contracts but facing a tsunami of IT regulation on its way (such as NIS2, DORA, Data Act, AI, among others). We need to understand and embrace this regulation, as there will inevitably be more to come.
How have you fostered a closer collaboration between the legal department and your business counterparts?
We undertake various initiatives to foster good relations with the business. These include participating in crash courses on our customers (banks) business, which we call “Banking for Dummies”. Additionally, we invite enterprise architects to illustrate our business solution portfolio, reach out to new business units, and provide personal introductions to all new senior management, in addition to introductions for all new employees. We also hold weekly or bi-weekly meetings with key business partners. Our declared ambition is to enable a well-run and trusted BEC, and we recognise achieving this goal requires a lot of cooperation across the entire company.
Do you have a cause, business-related or otherwise, that you are passionate about?
Yes! As my team has grown larger over the years, and with my declared strategy of building a high-performing “All Star Team,” it is essential that I am able to attract and retain the very best tech-lawyers. Many members of my team originally came from large law firms, which, in my opinion, often rely on outdated people management skills. They are often drawn to me as a leader because of my clear, firm, present, and supportive approach.
I strongly believe in the concept of psychological safety, as it is not only a way of life but also a method to deal with others and bring out the best in people, leading to remarkable results, high job satisfaction, and a true sense of belonging. People dare to think for themselves, dare to think outside the box, and make mistakes. In a changing world with changing demands, it is essential that people trust in themselves and dare to walk on thin ice without being constrained by the fear of making mistakes. If you have psychological safety in a team, you know that your colleagues and manager will always support you and have your back. This enables great work and high job satisfaction.
Head of Legal | Bankernes Edb Central (BEC)
Head of legal | Bankernes EDB Central (BEC)
Alice Grünfeld is head of legal at BEC, one of three independent IT services providers in the Danish financial sector. She joined BEC in 2007 and established the legal department...