Login
Customer expectations demand a better relationship between legal and risk teams
In a post-Hayne royal commission world, in-house legal teams will be required to perform functions that go beyond mere compliance with the law, argues one professional.
Jerome Doraisamy
Medibank chief risk officer Xavier Saldoni told Lawyers Weekly that despite legal teams having worked closely with risk management teams in years gone by, there is a need to do more in the future.
“Customer expectations go above and beyond complying with the law. If lawyers focus purely on compliance with the law, I think they will be falling short of expectations, they need to work alongside risk professionals to understand the bigger picture and meet the expectations above and beyond mere compliance,” he said.
“Compliance is an important aspect of this, but there is more to it.”
When one looks at what came out of the Hayne royal commission, Mr Saldoni continued, it is clear that the Australian public feels that customers and consumers have been short-changed, and that they were not being put first.
“Where there was some tension of conflict was between what’s in the best interest of the customer and the short-term gain for the organisation. What prevailed every single time – or consistently enough – was the short-term financial gain for the organisation,” he said.
“So, risk management should introduce some balance into that discussion. When you make a decision within a business, how do you help decision-makers understand what that decision means for all relevant stakeholders?
“Not just what it means from a financial point of view, not just want it means for the shareholders, but what it means for all the relevant stakeholders? That includes the customer, that includes the regulators, that includes the government, and so on.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
You can email Jerome at:
