DECEMBER 2023BUSINESSMANAGEMENTREVIEW.COM8Revolut is a global financial super-app that provides more than 30 million customers worldwide access to a wide range of innovative and convenient tools to manage their money. These tools span everyday payment needs, travel essentials, investment products, and more. Revolut is supported by 6,000+ employees, of which 100 are legal department staff located in 15 offices across four global regions, namely the UK, EMEA, APAC, and the Americas. The legal department plays a key role in supporting Revolut to achieve its business goals by navigating legal challenges and ensuring strong corporate governance. The department established a multi-disciplinary legal operations team in 2022 to optimize efficiency and drive digitalization and modernization. The legal operations team collaborates with practice group leads to develop solutions that meet the specific needs of the legal department. Over the past year, the department has implemented several key initiatives, including 1) data-driven strategies, 2) capacity management, and 3) external legal counsel management. 1. Data-driven Strategies: As a department, we have embraced data-driven management to measure efficiency, customer satisfaction, risk, capacity, and legal spending. In 2022, our lawyers leveraged their legal expertise to build risk quantifiers that provide a standardized framework for assessing legal risk. This has helped us to facilitate quick decision-making and reduce variation in approach. Risk Scores Last year, three new risk quantifiers were rolled out to quantify risks associated with litigation disputes, M&A deals, and new global expansion decisions. The results of the quantifiers provided our lawyers with a standardized score that may be assessed against Revolut's risk appetite and provided guidance on the next steps. Computing a risk score has been an effective and accessible way of conveying risk to the wider business. Rather than saying a potential matter is 'risky,' the teams are now equipped to provide a percentage score as to how much legal risk a particular decision will create so that the company can make an informed decision. Data Visualization Dashboards In addition to risk scores, we collect large amounts of data from all of our processes and utilize management information (MI) dashboards to provide data visualization via real-time data review across all levels of the legal department. These dashboards cover many different areas, from monitoring overdue service level agreements (SLAs) to the business stakeholder (customer) satisfaction to spending data. These dashboards are targeted to give us the data in the right format and at the right level to guide business decisions and manage OPTIMIZING BUSINESS EFFICIENCY WITH AMULTI-DISCIPLINARY LEGAL OPERATIONS TEAMBy Shulin Tay, Head of Legal & Compliance, Revolut Singapore
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