Team size: Approximately 20 direct reports and 35 dotted line reports

Key team members: Annelise Warrer (L), Kristina Petersen, Mette Toft

Can you give an idea of the most significant cases or transactions that your legal team has recently been involved in?

The compliance function plays an integral role in creating a strong compliance culture. Approximately 35 persons were appointed as assistant risk and compliance officers in different departments throughout the Nykredit Group. Their task is to assist the management in the first line of defence entities to strengthen the compliance culture, prevent violations, and mitigate compliance risks. They also act as contact persons for the compliance function.

In 2022, we had an increased focus on conflicts of interest in our efforts to support a strong compliance culture. Our compliance risk assessment was boosted to obtain a robust risk-based multi-year compliance plan which supports that we review all major risk areas within a reasonable timeline.

Finally, we played a key role in the development of a certification in compliance in Denmark which JUC will launch in spring 2023.

Looking forward, what technological advancements do you feel will impact the role of in-house legal teams in the future the most?

Technological advancements will impact the role of both in-house legal teams and compliance functions in the future. As regards compliance functions, we believe that data-driven compliance will have the greatest impact. The possibility of implementing a higher degree of data-driven compliance will increase as the business strengthens their governance and risk assessment.

We have had to achieve higher goals and deliver at an increased pace with the same resources. This has only been possible through a constant goal to improve results and collaboration across the different entities in the compliance function, to utilise core competencies in the different departments and streamline our processes. To continue this journey and strengthen our assurance without increasing our resources, we need to utilise more data-driven compliance in the future.

Moreover, AI and robotics will also increasingly impact business processes and the legal department and compliance function where more routine tasks can be performed by utilising robotics or AI.

How has the increasing consciousness of climate change and sustainability affected your company and the team’s priorities?

The increasing consciousness of climate change and sustainability have significantly affected our company and its priorities and time spent in the area in the past few years – and will do so increasingly in the years to come.

Our priorities are affected by the general green development in the society and the national and EU legislation. To be able to report correctly and with a high degree of certainty you need to have your data in order – a big task as it utilises customer data, which is presently not easily accessible.

We have launched several green products for our customers; therefore, an increasing portion of the compliance function’s time will dedicated to sustainability in the years to come – primarily through advising and assisting the business units, and eventually by monitoring and controlling if they comply with the legislation.

How has your legal team progressed on issues of diversity and inclusion (D&I), and what are the main benefits or challenges of working in a diverse environment?

We have a diverse environment in the compliance function. Two-thirds of the management in the team, and 58% are women. The educational background is also to some extent diverse, as we have lawyers, auditors, political scientists, economists, and several employees with a bank education. We increased our age diversity in 2022 and launched goals concerning gender equality in the management.

We will play an integral part of this journey and make our competencies available. We believe that the main benefits of working in a diverse environment is increased innovation or creativity, better decision making and improved employee engagement and team performance.

How do you suggest in-house departments build strong relationships with business partners?

We believe that the way to build strong relationships with the business units is through trust, collaboration and creating value in the business units. The main aim is to be a trusted advisor and not a police officer.