How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?

First of all, to set up the proper environment to face periods of crisis or instability is to remain calm and gather all the information available. Then, come up with a strategy to mitigate the risk of potential liability or negative consequences for the firm. Such an environment will allow all the stakeholders to act accordingly and in alignment with the firm values and commitments. Each sector involved is ordered to report any issues related to the crisis to the compliance team to ensure a coordinated strategy. 

What role does the legal department play in promoting and ensuring corporate social responsibility in your organisation?

The legal and compliance department in our firm is the key to ensuring a proper due diligence procedure to point to the right NPOs and philanthropic projects that align with the company’s values and code of ethics. Also to verify that the company is not directing its corporate responsibility budget towards entities that are involved in illicit activities and do not comply with proper ABC and AML directives. The company’s reputation is one of its most valuable assets and the legal and compliance team plays a crucial role in the corporate responsibility policy. 

What do you see as the major legal challenges for businesses in Uruguay over the next five years, and how are you preparing to address them?

The exponential growth of the implementation of technology in financial services and other areas of the economy is generating great voids in the regulation. This may be good for business in some respects, but it may also expose consumers to higher risks if authorities don’t have the tools for adequate supervision. Moreover, frontiers no longer limit transnational services, therefore agile instruments for collaboration and information exchange between jurisdictions are key.