LawHawk Blog

A lot of technology is bought and sold based on how many features it has.

Vendors are certainly responsible for a lot of marketing, emphasising all their features while simultaneously claiming that their solution is incredibly simple and intuitive.

Buyers, especially those going through formal procurement processes with RFPs, massively overcomplicate things by including spreadsheets with tens, if not hundreds, of requirements.

At some point, everyone loses sight of two of the most important things:

The regulatory obligations that organisations need to comply with are rapidly increasing, and it's clear organisations are struggling to keep up and find ways to comply. Lawyers can help – ideally as part of a multi-disciplinary approach incorporating other experts and technology focussed on solving the business problem rather than just as legal advice without considering how it can be incorporated most efficiently into business processes.

The problem is not new. Even well-established legislation such as the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 is still causing problems for banks, with recent enforcement action being taken against two New Zealand banks for infringements over many years.

However, it is getting harder. New regulations are continuing to come out, with even more demanding ongoing requirements.