To address this issue, many regulators have moved to establish common benchmarks on greenwashing, including
Aligning the legal team’s vision, goals and objectives to that of the bank, and prioritising work to meet them. Strategy alignment will steer operating model adaptation to ensure that work delivered by legal, and the method by which it is delivered, is cohesive with broader operations at the bank. For example, the processes and methodologies followed, and technology used by the team.
Redefining these service delivery processes, including efficiently capturing and triaging requests from bankers, appropriately allocating support and facilitating self-service where appropriate (eg, through a legal front door) is an important step towards focusing effort on value-adding activities. This also ensures legal's value to the bank is more easily measured and communicated to leadership to support storytelling and decision-making.
Engaging in horizon scanning to spot opportunities and proactively map the potential impact of upcoming market and organisational changes for the legal team. For example, how a change to the bank's core service lines or market shifts (such as the use of generative AI) may impact legal team work mix, structure and service delivery.