„An AI legal cadastre thinks like a lawyer, only 1,000 times faster and 24/7.“
Dr. Altenbach, an ever-increasing number of laws are leading to ever-decreasing clarity. How are compliance officers in companies reacting?
We are observing a turning point at the moment. Those responsible in companies are realising that the „collect, evaluate, archive, forget nothing“ method is no longer working due to the huge wave of ever-new regulations. The regulations are coming faster than any internal capacity or team that can be built.
In this respect, we see a very clear movement towards legal-tech solutions that automatically identify, prioritise and document.
The advantage: You work with a new system of regulations – instead of against it.
How do you filter instead of collecting?
An AI legal register essentially thinks like a lawyer. Only 1000 times faster, 24 hours a day, seven days a week. It also doesn't suffer from tunnel vision.
It scans all relevant standards and compares them with the requirements in the company. Do the new developments affect our industry? Where are your locations? What are the processes? What are the responsibilities?
Long laws become short, clear tasks with responsible parties and deadlines. And what is determined to be irrelevant is documented with the reasoning for why it is not applicable.
How can companies better view and manage their risks, even on a daily basis, with an AI-based legal register?
The daily update is the game-changer. We're no longer talking about a cadastre like a land register, where something is filed and never changed again.
And you might get a peek inside once in a blue moon.
The AI legal register is truly up-to-date, giving you a kind of running risk radar. If a new law is introduced anywhere, the system automatically detects it and assesses its relevance.
Then the information is passed on to the relevant department. The management can see immediately via the dashboard: Who hasn't completed their tasks yet? Where do we still have outstanding obligations? Where are deadlines at risk of expiring?
You have far more transparency overall, which in a critical situation can make all the difference, especially for management and their liability risks.
Interview with Rüdiger Schmidt-Södingen
