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MVA White Collar Defense, Investigations, and Regulatory Advice Blog: From “Where Were the Lawyers?” to “Where Have the Lawyers Gone?”

July 2019

Charlotte Financial Regulatory Advice and Response Member Ed O’Keefe’s blog titled, “Where Were the Lawyers?” to “Where Have the Lawyers Gone?” was published on July 26.

The article

Colleagues, I hope you are enjoying your summer and have had or are planning a break. Summer breaks help us maintain a healthy balance of rest and work. 

Speaking of balance, over a recent beach vacation, I had time to study Tom Baxter’s article on the current role of lawyers in financial institutions: The Rise of Risk Management in Financial Institutions and a Potential Unintended Consequence – The Diminution of the Legal Function. Tom analyzes the effect of well-intended post Crisis regulatory governance changes on legal departments. Starting with the three lines of defense, the UK Senior Manager Regime, and heightened standards, Tom examines how the roles of compliance and risk are well defined, while the role of legal is not. Tom also looks to the impact of defining legal risk as a subcategory of operational risk and the prevailing supervisory view that compliance should not report to legal. In Tom’s view, the collective effect of the changes is an increase in the role of risk and compliance and a reduced role for lawyers.

Please click here to read the full blog post.