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NATL61_024-032 03/08/2007 09:38 AM Page 28 Cover Story coming out, new disclosure obligations,” she says, noting that pen- to the scandals of the last few years and return to a more bal- sion and pension liability will be big areas in the coming years. anced regulatory approach, with firm but sensible and practical rules.” But he and other counsel agree that despite the regulatory More balanced regulatory approach environment, demands on corporate counsel will only continue Looking ahead, Guest feels that the regulatory pendulum may to increase. “swing back from the extreme position we’ve seen in response For example, Safer says that regulators may put less of a focus Practical steps There is no doubt that regulatory compli- of ComplianceWorks. “It’s no longer context of how they affect the business ance issues are top of mind for corporate enough just to mark out policy.” and advise management what they counsel, surpassing the previously long- At IBM Canada, Safer says that following should do to ensure the way the compa- held top concern of managing outside the intensive training he and the other ny does its business won’t result in any legal costs. lawyers at the firm received, the focus monetary or reputational damage. So what should you be focusing on in turned to educating people at the firm in con- “You have to understand [the laws] and order to ensure that your organization meets trol of processing and sales. Education for explain them to the businesspeople in all the necessary regulatory compliance staff is just as continuing as it is for lawyers, business terms,” says Martine Turcotte, requirements—and for you to achieve some he adds, and attendance at seminars and chief legal officer at BCE Inc. “You have to peace of mind in the process? Here are some application of the knowledge learned is a continuously go into training mode and suggestions you could put into practice: fundamental component of the company’s facilitate [the introduction of compliance] performance review process. processes into the business to ensure > Education. If knowledge is power, then people do their jobs faster and more effi- educating yourself—and your staff—is > Networking. Join industry associations ciently.” Adds Solway: “You have to break of utmost importance. “We’re seeing a and build relationships with fellow cor- down a legal concept and give it to people lot more continuing education for gener- porate counsel in the same line of busi- in simple terms. Avoid legal jargon and al counsel, either through private semi- ness in which your company operates. give them practical, bottom-line advice.” nar companies or law and accounting “Having a good forum to speak with col- To do this, you must also understand how firms,” says Tina Woodside of Gowling leagues is critical,” says Tim Moseley at the business operates and what its pres- Lafleur Henderson LLP. “There’s a lot CIBC, adding that there is a very good level sure points are, so that you are not giving more awareness and education of the of co-operation among the chief compli- legal advice in abstract terms. “You have to issues and higher attendance at these ance officers at the major financial institu- learn an awful lot regarding important events.” tions in both the U.S. and Canada. Every issues—such as how revenue is derived IBM Canada has given education top pri- few months, he meets with colleagues at —and the impact this has on your CEO’s ority. “I received a lot of education, almost other major Canadian banks to discuss day-to-day pressures,” says Solway. “You to the point at which I’m close to having a emerging trends. “You have to rely on have to understand your company’s mar- chartered accountant certificate,” quips some type of resource like that,” he stress- ket, its main competitors and its chal- Jay Safer, the company’s general counsel es. Jordan Solway of Arch Insurance lenges, because this gives you context.” and secretary, who has attended training Group agrees: “You have to establish a Another area in which you must also be sessions well into the hundreds of hours. good network of corporate counsel to dis- increasingly strategic is in your selection “Five years ago, I spent a fraction of the cuss common issues and benefit from of external legal counsel, he suggests. time I now do at seminars; there was not as each other’s experiences.” “Twenty years ago, you would have gone much focus on this area.” to one firm to get all the work. But now, you However, once you’ve been educated > Strategic advisor. Being a good corpo- have to be much more strategic regarding on all the important matters, you must then rate counsel these days goes far beyond how the legal work is distributed. You have “get involved in employee training and advising senior management about legal to go to the right people at the right firms to communication,” says Kristine Robidoux issues. You have to put the laws into the deal with each specific matter at hand.” 28 CCCA Canadian Corporate Counsel Association MARCH 2007