{"id":57166,"date":"2024-02-07T01:57:05","date_gmt":"2024-02-07T01:57:05","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/fti-consulting-and-association-of-corporate-counsel-singapore-survey-finds-general-counsel-in-asia-lack-guidance-on-ai-adoption\/"},"modified":"2024-02-07T01:57:05","modified_gmt":"2024-02-07T01:57:05","slug":"fti-consulting-and-association-of-corporate-counsel-singapore-survey-finds-general-counsel-in-asia-lack-guidance-on-ai-adoption","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/fti-consulting-and-association-of-corporate-counsel-singapore-survey-finds-general-counsel-in-asia-lack-guidance-on-ai-adoption\/","title":{"rendered":"FTI Consulting and Association of Corporate Counsel Singapore Survey Finds General Counsel in Asia Lack Guidance on AI Adoption"},"content":{"rendered":"
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SINGAPORE, Feb. 06, 2024 (GLOBE NEWSWIRE) — FTI Consulting, Inc. (NYSE: FCN) and the Association of Corporate Counsel Singapore (\u201cACC Singapore\u201d) today announced findings from A New Era of Legal Advisor: 2024 In-House Counsel \u2013 Perspectives from Asia<\/em><\/a> report, which uncovered substantial changes in how global legal departments are strategizing around and preparing for their biggest risks, including artificial intelligence (\u201cAI\u201d).<\/p>\n

Most notably, 95% of in-house legal counsel in Asia surveyed are using generative AI in some capacity for legal tasks, such as data processing (54%), risk identification and assessment (51%), regulatory change management (48%) and sanctions screening (43%).<\/p>\n

However, 65% of respondents said their companies have not provided sufficient guidance for the use of generative AI, and 45% said they do not have specific third-party risk assessments to capture security and operational risk concerns for new technologies. According to the findings, this provides an area of opportunity for in-house legal counsel, as the ability to grasp new technology is becoming an expectation for legal advisors and companies alike.<\/p>\n

The 2024 FTI Consulting and ACC Singapore In-House Counsel report draws from primary research and expert analysis to provide insights on the evolving role of the general counsel or senior in-house counsel in Asia and identifies key challenges, priorities and opportunities. The report focuses on the five principal areas that the research identified as 2024 priorities for in-house counsel in Asia: generative AI, cybersecurity, regulatory scrutiny, investigations, geopolitics and sanctions.<\/p>\n

\u201cConversations with general counsel uncovered a clear sense that the scope of their role was broadening,\u201d said Anna Bleazard<\/a>, Asia Head of Financial Crime Compliance and Southeast Asia Co-Leader of Investigations at FTI Consulting. \u201cNo longer simply an expert in matters of law, in-house legal counsel have become vital business advisors, taking the lead in helping companies understand an increasingly complex macroeconomic, regulatory and geopolitical environment. These are all adding pressure to the role as legal teams need to get up to speed quickly in order to manage the potential risks.\u201d<\/p>\n

Gino Bello<\/a>, Southeast Asia Head of Technology and Asia Co-Leader of Investigations at FTI Consulting, added, \u201cToday\u2019s senior legal professionals in Asia face a set of unique challenges given the diverse legal, cultural and business landscapes across the region. They are navigating complex challenges while ensuring corporate success. In particular, now we see legal leaders in Asia have a \u2018seat at the table,\u2019 and they play a pivotal role in leading the way forward.\u201d<\/p>\n

Key findings include:<\/p>\n