Proactive Compliance: Staying Ahead of the Regulatory Curve

Session highlights (with timestamps):

^01:04 Shailesh, introduces the topic of compliance as a vast, intertwining field that is currently overwhelmed by constant regulatory updates.

^02:01 Ayushi emphasizes that tracking global patterns and regulatory intent is more effective than building a "library of laws".

^04:00 Chehade discusses how compliance is no longer just a "control measure" but is embedded in business growth and strategy.

^05:48 In specific fields like the oil industry, Chehade explains that practitioners must monitor multiple levels of sanctions (EU, UK, US, UN) to anticipate how regulations impact commodities and players.

^08:44 Ayushi describes compliance as "market access" rather than a burden, though it is often mandatory and not an option.

^10:38 Ayushi suggests using media stories of hefty fines paid by peers as an effective deterrent to encourage compliance within an organization.

^11:59 Ayushi notes that bringing compliance and legal teams in early during product development ensures commercial longevity and prevents roadblocks at launch.

^14:48 Chehade describes modern compliance as an "entry point" or a "visa" to do business in different geographical areas.

^19:12Chehade states that the era of using simple checklists is over; professionals should instead rely on sophisticated, integrated AI and software systems for regulatory data.

^31:35 Chehade explains that compliance, risk management, and governance are now viewed as a single component critical to value creation and business strategy.

^33:51 Chehade notes that legal and compliance professionals are evolving from traditional lawyers into full-fledged "business partners" and "problem solvers".

^40:27 Ayushi mentions that compliance can be utilized as a "competitive edge" or a product feature to show customers a company is ahead of regulatory curves.

^45:46 Chehade advises practitioners to read broadly outside of legal fields including sociology, economics, and finance to understand the bigger picture.

^46:43 Chehade recommends maintaining a hobby that provides a mental "cutoff" from work, such as car racing or hiking, for long-term professional health.

^48:31 Ayushi advises that to be an effective partner, legal teams should not wait for the business to come to them; they should proactively reach out and offer support.

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"Compliance is no more a control measure, it should be embedded and it is so close to business that it's unlocking the business growth and unlocking the business strategy."
— Chehade, Oil, Ex General Counsel, Emirates Petroleum Company PJSC