Legal Tech News and Events: Apr 18, 2022

April 18, 2022

Global Regulation: UK’s Operational resilience

As a result of the progressing reliance on third-party technology, the Bank of England’s Prudential Regulation Authority (PRA) issued a new Supervisory Statement (SS2/21). A year after it was issued the second statement, Operational Resilience: Impact Tolerances for Important Business (SS1/21), became effective on March 31, 2022. Under SS1/21, companies and firms in the UK now have a standard continuity plan. This requires them to build a plan on risks connected to critical business services. By doing so, the regulation aims for a better, robust and effective third-party management that protects both the institution and its clients.

New Report: KPMG Fraud Outlook 2022

The latest report from KPMG shows that executives from different industries expect threats to worsen in 2022. Fraud, compliance, and cyber risk – the Threat Loop are the main challenges that businesses face. We live in a time where interconnectivity is the norm and most of the time it provides great convenience. However, it has its downsides, highly interconnected systems provide an opportunity for a disastrous domino effect. 

Other highlights include:

  • 83% of the respondents have experienced a cyber-attack.
  • 55% said that their company has been subjected to regulatory action.
  • 43% answered that work from home policies have exacerbated the threats.

Event Rewind: LegalWeek 2022

The most anticipated week-long gathering of legal professionals happened on March 8 - 11, 2022. Attorneys, law firm partners, and in-house counsel get to network and share ideas in person after being hindered by the Covid 19 pandemic. 

Throughout the four-day event, attendees get to attend sessions about emerging technologies, the state of the industry, and more specific topics like AI on Document Search, Ethically Managing Remote Work, and Privacy Policy Compliance.

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