CXO Magazine – November 2023 – Inspiring CXO of the Year

GLOBAL EDITION

INFLUENCE. INSPIRE. IMPACT

FEATURING

INSIDE Chris Garrod Director, Conyers Christophe Zoghbi Founder & CEO, Zaka Diana Monterrubio Procurement Global Strategic Director, Teleperformance Helena Hallgarn Co-Founder, Virtual Intelligence VQ

CXO

2023

Nilesh Khandelwal Chief Product Officer, Rakuten Rewards

JEROEN KRAAIJENBRINK C o- f ou n de r o f St r at e g y. I nc

T U RNI NG S TRATE G Y I N TO E V E RYO N E’S E V E RY DAY BU S I N E S S

CXO MAGAZINE, NOVEMBER 2023

November 2023

S t rat e g y an d Le a d e rs h i p C o n s u l t an t an d

BS FR CR EE IB E

November 2023

Vol - 1 Issue - 9

Managing Editor

Sarath Shyam

Consultant Editors

Dr. John Andrews Emma James Sabrina Samson Naomi Wilson Andrew Scott Kwith Alexander

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CXO Magazine is a digital magazine published by Connecta Innovation Private Limited. All rights reserved. The opinions expressed in the content and pictures provided are those of the authors. They do not purport to reflect the opinions or views of the Connecta Innovation Private Limited or any of its members and we do not assume any responsibility. The publisher does not assume any responsibility for the advertisements, its content, pictures, and all representation of warranties made in such advertisements are those of the advertisers and not of the publisher. CXO Magazine is a Free Subscription digital magazine strictly not for sale and has to be strictly for internal private use only. Publisher does not assume any responsibility arising out of anyone printing copy of this digital magazine in any format and in any country and all matters related to that.

CXO MAGAZINE, NOVEMBER 2023

THE FUTURE OF LEADERSHIP:

THE CROSSROADS OF ESG, INCLUSIVITY, IMPACT, AND PERFORMANCE

s we delve into the realms of leadership in our latest issue of CXO Magazine, we find ourselves at the intersection of four crucial themes that are shaping the landscape of leadership development in 2024. These themes, carefully curated in response to the evolving needs of our readers and the challenges faced by today's leaders, are not merely trends but imperatives that demand our attention and exploration. In an era where corporate responsibility is no longer an option but an ethical mandate, leaders are called upon to navigate the intricate web of environmental, social, and governance considerations. Our stories put a spotlight on individuals and organizations championing the cause of sustainable and responsible business practices, emphasizing that success is not solely measured in financial terms but also in the positive impact we leave on the world. However, leadership is not just about making decisions; it's about understanding the ripple effect those decisions create. Our editorial lens focuses on leaders who are not afraid to measure and be accountable for their impact. From community engagement to organizational growth, we explore how effective leaders are navigating the metrics of success beyond the bottom line. Our cover story features the insightful Jeroen Kraaijenbrink, a luminary in the realms of strategy and leadership. His journey, rich with academic and industry experience, provides a roadmap for those navigating the complex terrain of strategic decision-making. As a mentor, author, and consultant, Jeroen empowers individuals and organizations not only to formulate but execute strategies that stand the test of time. Beyond our cover story, we bring you interviews and insights from renowned business leaders across the world. Their experiences, challenges, and triumphs serve as a tapestry of global leadership, providing valuable lessons for aspiring leaders and seasoned executives alike. In this issue, we invite you to immerse yourself in the narratives of leadership that transcend borders and industries. Each page is a testament to the dynamism of leadership in an era defined by change. As we navigate these themes, we hope to inspire and provoke thought, fostering a community of leaders committed to driving positive change in their spheres of influence. Enjoy reading.

Sarath Shyam

CXO MAGAZINE, NOVEMBER 2023

COVER STORY

Contents

J E ROE N KRAAIJ E N BRI N K S T R AT E G Y A N D L E A D E R S H I P C O N S U LTA N T A N D C O - F O U N D E R O F S T R AT E G Y. I N C

8 4

TURNING STRATEGY INTO EVERYONE’S EVERYDAY BUSINESS

CXO MAGAZINE, NOVEMBER 2023

CXOS

2023

Nilesh Khandelwal, Chief Product Officer, Rakuten Rewards Building Innovative, Game-Changing Products Across Media & Retailers

CXO MAGAZINE, NOVEMBER 2023

Contents

Helena Hallgarn, Co-Founder, Virtual Intelligence VQ

Christophe Zoghbi, Founder & CEO, Zaka

Creating Innovative IT Tools for the Legal Industry

INTERVIEWS

Chris Garrod, Director, Conyers Advising Clients on Bermuda Reinsurance Structures & Bermuda Corporate Law

CXO MAGAZINE, NOVEMBER 2023

AI in Legal Systems: Balancing Efficiency and Ethics

OPINIONS

Diana Monterrubio, Procurement Global Strategic Director, Teleperformance The Interplay of Knowledge and Wisdom: Why Wisdom Trumps All

Want to Sell or find Investor for your Business?

Digital First Magazine CXO MAGAZINE, NOVEMBER 2023 August 2021

CXO MAGAZINE, NOVEMBER 2023

COVER STORY

J E ROE N KRAAIJ E N BRI N K S T R AT E G Y A N D L E A D E R S H I P C O N S U LTA N T A N D C O - F O U N D E R O F S T R AT E G Y. I N C

TURNING STRATEGY INTO EVERYONE’S EVERYDAY BUSINESS Jeroen Kraaijenbrink is an accomplished strategy educator, mentor, author, and consultant with over two decades of academic and industry experience. He empowers people and organizations to design, formulate, and execute their strategies by providing innovative tools for forward-thinking strategy and personal and organizational development. Drawing from cognitive psychology, humanism, martial arts, Saint Benedict, and a wide range of other sources, he has written innumerable articles on strategy, sustainability, and leadership, as well as authored five books: Strategy Consulting, No More Bananas, Unlearning Strategy, The Strategy Handbook, and The One-Hour Strategy. He is also a contributor to Forbes and a LinkedIn influencer, where he writes about strategy and leadership. Jeroen has a PhD in industrial management, teaches at the University of Amsterdam, is co-founder of Strategy.Inc, and has helped significantly improve the strategic planning of many organizations across the engineering, manufacturing, healthcare, and financial services industries.

CXO MAGAZINE, NOVEMBER 2023

ailure rates in strategy remain uncomfortably high, decade after decade. Depending on how success and failure are defined, some speak of 4050% failure, others even of 70-90%. Whatever the exact percentage, the rates are too high. For any other aspect of business, we would not accept such high failure rates. So why

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should we for strategy? We shouldn’t. There is no need for this because the reasons for failure are clear—as are their solutions. The Threefold Watershed Between Strategy and Execution Years of research by many scholars across the globe reveals numerous factors contributing to

strategy failure. Comparing these factors from one study to the other, it appears they are remarkably consistent over time. This means the problems and causes are known. Largely they boil down to the following three. First, strategy has long been conceptualized as a linear, lengthy process with strategy formulation first and, once

You need a shared language and strategy framework that can be applied at all levels: corporate, business, functional, team and individual level

finished, followed by execution. This linear approach to strategy is still often the default that is taught and practiced. It rejects the close interaction between strategy formulation and execution and the iterative, adaptive nature of strategy by separating formulation and execution over time. Second, strategy and execution are usually also separated within the organizational structure. Strategy is often formulated at and by the top, after which it is supposed to trickle down to lower levels, ending up at the level of individual employees. This organizational split makes it hard to be successful in strategy because those who know the day-to-day reality are not involved in strategy formulation, while those at the top stay out of execution. Third, strategy is often made into something special, exceptional. This is clearest in off-sites and so-called “strategy days.” These are often literately separated from the normal business by organizing them at a nice resort, and deliberately taking people away from their everyday work. While often presented as a strength, this creates a third split between strategy and everyday business. In essence, all three boil down to one key problem: we’ve created a systematic, threefold watershed between strategy formulation and execution. Diagnosing this problem immediately tells us what the solution is: removing the watershed and restoring the connection between the two an all three aspects. The pressing question now is: how?

CXO MAGAZINE, NOVEMBER 2023

Moving Forward: Strategy as Everyone’s Everyday Business In my most recent book, The One-Hour Strategy, I give an extensive, 100-page answer to this question, packaged into a simple story. But the short version isn’t too complicated either. At the core of it are three main steps.

Once there is a shared view on what strategy is, the next step is to create a systematic strategy process that clarifies what people need to do when

Step 1: Adopt a Single Strategizing Framework at All Levels The first thing you need is unity in understanding what strategy is all about and how you approach it. You need a shared language and strategy framework that can be applied at all levels: corporate, business, functional, team and individual level. My own model for this is the 6M Model, consisting of 6 key elements (see figure): 1. Magic. The products and services that we offer and what they do for our customers. 2. Market. The customers whose needs we serve and the alternatives we compete against. 3. Means. The assets and capabilities that we and our partners can bring to the table. 4. Money. The way and amount of revenues we generate versus the costs and risks we have. 5. Meaning. The things that we find most important and to which we most aspire. 6. Momentum. The factors outside our control that help or hinder us in what we do. At any level, people can use this model to diagnose their existing strategies, as well as design their aspired strategies and identify initiatives for improvement.

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Step 2: Create a Continuous Strategy Process at Each Level Once there is a shared view on what strategy is, the next step is to create a systematic strategy process that clarifies what people need to do when. To start with, it helps to indicate how much time people should spend on strategy. The rule of thumb I adopt in The One-Hour Strategy is that executives work on it one

hour per day, managers one our per week and employees one hour per month. Subsequently, you define what people are supposed to do during this time, preferably in the form of a continuous, cyclical process, for example: Identify key issues, insights and ideas for each of the six Ms. Prioritize which of these to focus on the coming period.

CXO MAGAZINE, NOVEMBER 2023

We need the alignment between the sub-strategies, because we want an organization to function as one coherent whole, not as a fragmented set of business units, departments or divisions

Define one or more initiatives to address the selected issues, insights, or ideas. Execute the initiatives and monitor their relevance, progress and mood. And then repeat these four steps throughout the year on a daily, weekly or monthly basis. Step 3: Mutually Align Strategies Horizontally and Vertically The previous two steps support systematic, everyday strategy generation and execution at all levels. What is still missing is the alignment between the sub-strategies. We need that alignment because we want an organization to function as one coherent whole, not as a fragmented set of business units, departments or divisions. Dependent on how hierarchical an organization is, there are different routes for this: 1. Top-down. Executives work on their corporate level strategy first, which then cascades

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down and serves as input for strategy making further down the organization. 2. Bottom-up. Units first work on their own strategies and circle it upwards to the corporate level where the corporate strategy is abstracted and generalized from the unit’s strategies. 3. Horizontally. Units mutually align with each other. They circle their strategies back and forth between them and use these as each other’s input. While the first is most common, all three are valid. What matters is that you create a continuous horizontal and vertical feedback and feedforward process. This cannot succeed at once. But that is not the point. What counts is that, in this way, we are step-by-step establishing a systematic, everyday strategy process across the entire organization. And that is what we need to remove the threefold watershed, reconnect strategy and execution, and finally increase strategy’s success rates.

CXO MAGAZINE, NOVEMBER 2023

Nilesh Khandelwal Chief Product Officer, Rakuten Rewards

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CXOS

2023

Building Innovative, Game-Changing Products Across Media & Retailers

ilesh Khandelwal is Chief Product Officer at Rakuten Rewards, where he leads international product and design teams to deliver rewarding experiences to Rakuten’s members and merchant partners. As a seasoned product strategist, he has a proven track record in bringing products from concept to market for consumer and enterprise audiences, leveraging technology and data-driven insights to drive greater user experiences. Previously, Nilesh served as Principal at Arthur D. Little (ADL) and was a member of ADL’s global Telecommunications, Information Technology, Media & Electronics (TIME)

practice. He also held leadership positions at several focused technology and media consulting firms, including MAG Consulting Group and Interactive Broadband (IBB) Consulting, where he advised executives on a range of technology opportunities spanning from product strategy and management, digital strategy, cloud computing, data strategy and analytics. Nilesh was also a co-founder and former CEO of NumerX, an analytics company acquired by MuleSoft. As a leader who values innovation through collaboration and has been effective in mobilizing global teams, Nilesh’s success story is indeed an inspiration to many.

CXO MAGAZINE, NOVEMBER 2023

At Rakuten Rewards, innovation comes from a truly cross-pollinating product and engineering team consisting of designers, researchers, UX writers, product managers, and engineers working closely with their business counterparts

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Career Trajectory Nilesh earned an MBA in marketing, entrepreneurship, and strategic management from The Wharton School of the University of Pennsylvania, a Master of Science in electrical engineering and computer sciences from Ohio University, and a bachelor’s degree in electrical engineering from Mumbai University, India. He began his career as an engineer, building large-scale enterprise and consumer applications. He developed an aptitude for solving the intricacies of interconnected systems, and his curiosity in simplifying those intricacies led him to pursue management consulting, which allowed him to apply his analytical mind to solve wider business and product problems. However, the key to his success hasn’t been just about doing strategy but rather combining that with his prior engineering background to build gamechanging products across media and retailers such as Motorola, Scholastic, and Univision. Along the way, Nilesh also dabbled in entrepreneurship, cofounding NumerX, a data analytics company. “Bootstrapping the company, getting early customers, and then exiting to Mulesoft gave me important lessons in the full lifecycle of product and business,” shares Nilesh. Embracing New Challenges In Dec 2021, Nilesh took on the role of Chief Product Officer at Rakuten Rewards, a leading shopping and cash

back company that brings together advertisers and shoppers to provide rewarding experiences to consumers. The company is a division of Rakuten Group, Inc., a Japanese global leader in internet services headquartered in Tokyo. After joining, Nilesh noticed that Rakuten Rewards was among a few companies that could live at the intersection of digital advertising and fintech, where the line between product discovery, price discovery, and payment is blurring. Bringing all these pieces together has been a positive and welcome challenge for Nilesh and his team. He humbly asserts, “My goal, ever since I joined Rakuten, is to make our experience more rewarding. We do this by increasing the scale, with more members and merchants on the platform, more ways to give rewards and more ways to redeem rewards.” Leading Successful Initiatives through Innovation & Collaboration At Rakuten Rewards, innovation comes from a truly cross-pollinating product and engineering team consisting of designers, researchers, UX writers, product managers, and engineers working closely with their business counterparts. They depend on project managers to create the proper process that removes roadblocks and increases transparency through communication and collaboration. “The real magic happens when we all put our innovative minds together,” shares Nilesh.

CXO MAGAZINE, NOVEMBER 2023

As a global company, Rakuten Rewards has either operations or ProdDev teams working together across numerous countries

Last year, Nilesh gave his team the freedom to think outside the box to streamline onboarding involving product and engineering. The team challenged a key tenant of Rakuten Rewards’ business quite successfully. Nilesh explains, “We started with a design sprint last year that set about to do away with existing conventions and reimagine an onboarding experience that deals with our members' pain points and moves the business forward. We then partnered with our business and marketing partners and chipped away at the experience one a/b test at a time. We also took bold risks throughout our busiest times, including our anniversary sale that we call Big Give Week and during Cyber Five.” With this change, the company increased signups, first-time buyers, and retention while keeping marketing spend under check. “The process to get there and the people who took us there are as important to celebrate as the actual results itself,” states Nilesh.

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Making the Customer Experience More Rewarding One of the earliest things Nilesh did after joining Rakuten Rewards was to identify the company’s position in the market and its success drivers. To achieve this, he laid out frameworks for both business and product that he used as a filter for identifying new opportunities. “It was important to emphasize that our general strategy doesn’t change, even if our tactics might,” mentions Nilesh. Moreover, their research showed that members wanted Rakuten Rewards’ experience to matter to them, make it easy for members to discover deals and make the experience more rewarding. Consequently, those made the three pillars of

Rakuten Rewards’ experience – Personalization, Discovery, and Re-Engagement. As a result, Rakuten Rewards’ experience has started to change, with its homepage going through the most significant change this holiday season with greater personalization at its core. In fact, the entire experience is on its way to being highly personalized. Nilesh shares that they have already changed their onboarding through a re-engagement feature they call ‘Rewards Hub’ that keeps bringing members back for more shopping. He adds, “Re-engagement isn’t just a feature; it’s a philosophy of building features. We want to engage members where they are and, when engaged, provide value that keeps them wanting to come back.”

CXO MAGAZINE, NOVEMBER 2023

Having a Global Team is an Asset As a global company, Rakuten Rewards has either operations or ProdDev teams working together across numerous countries. Nilesh admits that such geographical distribution has its own challenges, but it also provides an opportunity for 24x7 ops on the broader product and engineering context. He further states that they have started a series of communications to keep the entire ProdDev team plugged in. From product ideation design critiques to showing demos to celebrating successful product launches, they have rituals that allow the entire ProdDev team to understand and keep up with progress throughout the organization. Likewise, the company also sends out a ‘Big Fat Newsletter’ to communicate long-form updates and applaud people going above and beyond (an homage to the Big Fat Checks that Rakuten issues to members). Nilesh ultimately feels that having a global team has proved to be an asset for Rakuten Rewards, especially as the company continues to scale and expand its business. Understanding your Customer is Key to Success At Rakuten Rewards, Nilesh and his team work tirelessly to understand their users’ needs. Some of the ways they do this is by having a team of researchers conduct both quantitative surveys

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and qualitative interviews to understand their consumers, their needs and their habits. Even though the entire process is complex, Nilesh believes understanding your customer is crucial to success as a product manager. He adds, “It is easy to get drawn into a feature your competitor is building, but we try to keep our eye on our customers all the time.” A perfect example is how Nilesh and his team tried to understand the change in user behavior from the historical norm. What they realized is that with the pandemic, consumer’s ecommerce habits changed. This not only changed Rakuten Rewards’ member habits, but also changed the company’s member base itself. Hence, understanding how their members evolved allowed Nilesh and his team to create features that resonate with their members. Words of Wisdom According to Nilesh, the greatest product managers are storytellers, but their stories must be backed by data and facts. In addition, they must also answer the ‘so what,’ which becomes the story in the form of a new business case, a new solution option, or even a new product offering. Hence, aspiring product managers should know how to communicate their stories in a way that people understand the best.

CXO MAGAZINE, NOVEMBER 2023

I N T E R V I E W S

Creating Innovative IT Tools for the Legal Industry Helena Hallgarn is one of the pioneers in legal tech in Scandinavia. She founded Virtual Intelligence VQ in 2010 alongside her colleague Ann Björk, following 16 years of experience in three different law firms: Mannheimer Swartling, Vinge, and Gernandt & Danielsson. At Virtual Intelligence VQ, she has successfully merged her legal expertise with IT skills to create innovative IT tools for the legal industry. Their most widely adopted tool, VQ Legal, is utilized by nine out of the ten largest law firms in Sweden, as well as many others. Recently, in an exclusive interview with CXO Magazine, Helena shared her professional journey in the legal tech sector, the inspiration behind establishing Virtual Intelligence VQ, insights on the challenges in and future of the legal tech sector, future plans, and much more. The following excerpts are taken from the interview.

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Helena Hallgarn Co-Founder, Virtual Intelligence VQ

OM MAAG GA AZ I N E , N O V E M B E R 2 0 2 3 CCXXO

Helena, please tell us about your background in the legal tech sector. After completing my law studies in Uppsala, I had initially planned a three-month-long trip to Asia to take a proper break before commencing work. The next logical step for me would have been to serve at a Swedish court, but I wasn't particularly enthusiastic about that path. I also wasn't entirely certain about working

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at a law firm. However, when I came across an advertisement from the business law firm Mannheimer Swartling in Gothenburg, my interest was sparked, especially since my sister worked and studied in Gothenburg. Two days before embarking on my trip to Asia, on a Monday morning, I had an interview with a group of partners at the Gothenburg office. Following that, I underwent several

There's no longer a need to establish a substantial legal library, rely solely on in-house legal expertise, or maintain an elaborate office in a prime location

separate interviews, and by noon, I had been hired as an associate. They were kind enough to arrange an apartment for me so that I could start right after returning from my trip. I happened to be one of their first associates who hadn't completed any service at a Swedish court. Instead, I possessed a Bachelor of Science in Business Administration and various other experiences.

After spending several years as an associate at Mannheimer Swartling, I developed a keen interest in modernizing legal work and began delving into legal technology long before the concept gained widespread recognition. My early interest in computers and programming during high school laid the foundation for this passion. My understanding of the potential to fundamentally change how work is conducted

CXO MAGAZINE, NOVEMBER 2023

I firmly believe in the notion that sometimes it's wiser to be a big fish in a small pond than a small fish in a big ocean

in the legal sector has been a driving force in my journey. Was there a tipping point when you realized the value of technology in the legal industry? Is there a story behind it? Mannheimer Swartling introduced an initiative with the vision to transform the

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legal profession by using computer-based methods to access know-how. Around the same time, Richard Susskind published his book, 'The Future of Law' in 1998, which I read and found inspiring. It dawned on me that significant changes were on the horizon for the legal industry, and I wanted to take part in this transformative journey.

house legal expertise, or maintain an elaborate office in a prime location. Moreover, we can collaborate with a diverse range of individuals possessing different expertise without the necessity of hiring all of them. This significant shift, driven by technology, is fundamentally transforming the foundation of legal work.

What are the main tectonic shifts reshaping the legal industry now? Is legal technology behind one of them. We can now access various forms of legal knowledge directly from our computers, allowing us to work and communicate from any location. There's no longer a need to establish a substantial legal library, rely solely on in-

What was the inspiration behind establishing Virtual Intelligence VQ? What sets it apart from other market competitors? After accumulating experience in legal tech and knowledge management across three different law firms, and successfully executing several projects that demonstrated the potential of implementing technology solutions capable of truly revolutionizing the way lawyers work, I made the decision to shift my focus to a business where my expertise could take center stage, rather than merely serving as an internal support function for the primary legal business. At that time, I was working together with Ann Björk at Vinge, and together, in 2010, we embarked on the venture known as Virtual Intelligence VQ. Our objective was to develop tools that could be utilized by multiple law firms. During a family gathering in Östersund, I shared this concept with my brother Magnus when we were sitting chatting by the lake. He was working as a programmer in London with different startups at the time. He became enthusiastic about the idea of creating something for the legal industry and decided to join us, taking responsibility for building the necessary tool. This way, we had a unique blend of deep technical knowledge and legal expertise, marking the inception of our now well-established tool, VQ Legal.

CXO MAGAZINE, NOVEMBER 2023

Can you elaborate on the strategic decisions and philosophy behind your approach to building the business? To achieve success in any project, I firmly believe in maintaining a clear and unwavering focus on a well-defined objective, understanding precisely what we intend to achieve, along with the reasons why and how, all combined with a systematic approach to measure outcomes. This approach should also involve designating one individual as accountable for the project and granting them the authority to make detailed decisions during its course. The same philosophy applies to our business. When we launched our venture, VQ, our objective was not just to establish a business but to construct a solution that could provide us with income and the freedom to work flexibly without the need for hiring personnel, all while engaging in exciting new projects. Rather than hiring various experts, we chose to collaborate with other independent experts, assigning them specific roles and compensating them based on the income generated from our tool. Instead of blindly following the trend of scaling and expanding internationally, we decided to concentrate our efforts on the Swedish market, carving out a unique niche here. This deliberate decision allowed us to establish an online tool that has gained significant recognition in the legal market and earned the trust of some of the largest law firms in the country. In fact, 28 out of the top 33 law firms – and 9 out of the top 10 law firms - are now valued customers of ours. I firmly believe in the notion that sometimes it's wiser to be a big fish in a small pond than a small fish in a big ocean.

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Our approach has not only resulted in a thriving business but has also provided us, as partners, with the desired flexibility in our work environment. It stands as a testament to the power of focus, clear goal-setting, and strategic decision-making in the world of business. We are enthusiastic about the journey ahead and the potential it holds for the future. You are an Ambassador for ELTA. Can you tell us about this association and its mission? The legal tech landscape in Europe is incredibly dynamic and innovative, with numerous initiatives and expertise across the continent but there is a need for international collaboration. Networking and knowledge sharing among legal tech enthusiasts have never been more critical. It's through these connections that we can collectively drive forward the development of the legal tech sector. By harnessing the power of collaboration, we can not only stay at the forefront of industry trends but also actively shape the future of legal technology, transforming the way legal services are delivered, and ultimately, enhancing access to justice worldwide. What should the legal industry of the future ideally look like? How do you see the lawyer tomorrow? In the future, we should expect to see a wide range of legal services, including online legal tech tools, self-service legal solutions, online legal services with digitally accessible lawyers, traditional legal experts, and legal project leaders who understand how to efficiently combine these services. We will also witness the emergence of a new type of

legal professional - the legal tech lawyer individuals well-versed in building tech tools and integrating legal content into them. The lawyers who are more business oriented and focused on an in-house career, can focus on how to support businesses by managing the array of legal services available. This shift signifies that our focus should transition from the lawyer to the resolution of legal issues themselves. Whether it's a personal or business challenge, the goal is to solve it efficiently, whether through legal expertise or online solutions, without necessarily involving a lawyer. The emphasis lies in resolving the legal issues, regardless of who or what is facilitating the solution.

What do you think hinders the evolution of the legal industry? What changes need to be made to foster it? Law firms are traditionally structured and profitable businesses, often staffed with exceptionally talented lawyers. Consequently, they may not always have strong incentives to embrace change. True transformation in the legal industry is likely to result from a combination of factors, including evolving demands from buyers of legal services and the emergence of a new breed of legal tech lawyers possessing the competence to drive digitalization within the field. Major purchasers of legal services typically include in-house lawyers within

True transformation in the legal industry is likely to result from a combination of factors, including evolving demands from buyers of legal services and the emergence of a new breed of legal tech lawyers possessing the competence to drive digitalization within the field

CXO MAGAZINE, NOVEMBER 2023

To achieve success, it is essential to excel in your specific area of expertise while simultaneously acknowledging when to seek out other forms of expertise. Proficiency in one domain does not automatically guarantee success in another

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large corporations, many of whom have a background in law firms. They recognize that law firms can provide excellent legal services and often opt for this straightforward route. To manage the escalating costs of legal services, in-house legal teams have been steadily increasing their ranks for several years, partially to take on tasks previously outsourced to law firms. However, this approach is proving insufficient given the expanding workload and the heightened demand for internal legal and compliance services. As a result, there is mounting pressure to embrace digitalization and leverage technology more effectively to handle the growing volume of work. The primary challenge here is the technical competence required to oversee a legal tech project successfully. A recent survey reported that 77% of in-house counsels' internal tech projects failed. Numerous reports on failed projects underscore a common theme: a lack of appreciation for the necessity of technical expertise. Undertaking legal tech projects without a sound understanding of technology and by solely focusing on lengthy specifications of requirements is often doomed to fail. Once we cultivate a new generation of legal tech lawyers with significantly enhanced tech proficiency, we can anticipate the development of more effective tools and services that will revolutionize legal work. These legal tech professionals can actively engage in internal tech projects, leading the development and implementation of technology solutions that can genuinely transform legal practices. Simultaneously, these tech-savvy lawyers can spearhead the creation of user-friendly plug-andplay solutions that in-house legal teams can readily adopt. This has the potential to fundamentally alter the way legal work is approached and executed.

What three qualities do you think a modern lawyer should have? We live in a complex world of constant change, so it is important with a curiosity and a mindset of constant learning. The modern lawyer shouldn't just focus on their legal knowledge. They should also try to understand the business side of their specific field. This means gaining extra skills like knowing more about different areas of law, being good with technology, or understanding basic business ideas. Having these varied skills is important for knowing which questions to ask and when to involve other experts. It also helps in communicating better with these experts. Presently, we observe many lawyers engaging in discussions about digitalization and change, yet often they lack the practical knowledge required to drive such projects and an appreciation for the imperative of collaborating with specialists in these domains. This often results in a multitude of failed projects and a growing disillusionment with technology. To achieve success, it is essential to excel in your specific area of expertise while simultaneously acknowledging when to seek out other forms of expertise. Proficiency in one domain does not automatically guarantee success in another. How do you like to spend your time when you are not working? I'm fortunate to have a wonderful family that includes my husband and two teenagers, and I cherish the time we spend together. Our favorite moments revolve around preparing delicious dinners, sometimes just within our

family circle and at other times with close friends, often complemented by a fine bottle of wine. We're also the proud caretakers of a golden retriever named Charlie and two feline companions, Tom and Thor. Whether it's taking Charlie for a leisurely walk or enjoying quality time with all three of them, our pets bring joy to our lives. During our spare time we are also renovating our house and taking care of our garden. Besides all activities at home, I have a passion for horse-back riding. I enjoy connecting with these great animals, learning to communicate in a subtle way with small signals. Where do you see yourself in the next five years? After several years of dedicated and strenuous effort, our VQ business, particularly our flagship tool VQ Legal, has firmly established its presence in the market. It has now entered a phase of mature management, affording us more time and opportunities to explore new ventures. Consequently, I'm keen to extend my involvement in external projects where I can contribute to fostering fresh legal tech concepts, aid in the creation of more intuitive and innovative tools and solutions, and, in a broader sense, champion the digital transformation of the legal sector. I firmly believe that my background and years of experience in this field can bring substantial value to these new projects. I'm enthusiastic about the prospect of collaborating with like-minded individuals and organizations to drive forward the exciting realm of legal technology.

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O P I N I O N S

AI in Legal Systems: Balancing Efficiency and Ethics Christophe Zoghbi is an accomplished software engineer with extensive experience spanning over a decade in various areas of Data Science and Artificial Intelligence. In addition to his technical expertise, he is also a seasoned entrepreneur with a track record of launching and scaling successful ventures. As the visionary Founder & CEO of Zaka, an Artificial Intelligence education & consulting company, Christophe is passionate about promoting the growth of the AI sector in the MENA region. His dedication to advancing AI is further demonstrated through his role as the Founder & President of Beirut AI, an esteemed NGO. Through his leadership, he brings together the applied AI community in Lebanon, where he designs engaging community events and technical workshops that inspire and empower people to appreciate and implement AI.

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Christophe Zoghbi Founder & CEO, Zaka

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rtificial Intelligence (AI) is making transformative changes across various sectors, including healthcare, finance, and even the sacred halls of justice. While the technology promises to streamline cumbersome tasks and offer unprecedented analytical capabilities, it also introduces ethical and legal complexities that demand careful scrutiny. This article will explore the multi-faceted role of AI in legal systems, delving into the ethical implications, legal considerations, and the current regulatory frameworks that govern its responsible use. The Current State of AI in Legal Systems Legal professionals are increasingly employing AI tools for tasks ranging from automated document review to legal research and predictive analytics for case outcomes. These technological advancements have significantly reduced the man-hours required, thereby allowing lawyers to concentrate on complex aspects of legal procedures. Predictive analytics can even go a step further, offering probabilistic assessments of various legal outcomes, providing lawyers and their clients valuable insights that were once almost impossible to glean. However, the advent of AI also raises some important questions. Specifically, machine learning models often operate in a manner that isn't easily understood by humans, which can create ambiguity in legal procedures.

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Legal challenges posed by AI are just as thorny as the ethical ones. The admissibility of AIgenerated evidence in court proceedings, for instance, is an area of active debate

Ethical Considerations AI applications in the legal domain bring up a myriad of ethical concerns. Algorithmic bias is one significant issue that cannot be ignored. If the training data includes societal or historical biases, then there's a risk that these prejudices will be perpetuated by the AI systems. For example,

machine learning models analyzing past court decisions may reinforce existing discriminatory practices. This extends to various aspects of law, from criminal justice to corporate law. Moreover, the issue of transparency and explainability presents another ethical challenge. Legal processes demand a level

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of reasoned articulation that is founded on established laws and precedents. However, many AI algorithms function as a "black box," often making it arduous for legal professionals to explain these decisions and methodologies to clients or judges. This lack of transparency can erode trust in the legal process itself. Legal Implications Legal challenges posed by AI are just as thorny as the ethical ones. The admissibility of AI-generated evidence in court proceedings, for instance, is an area of active debate. How do we ensure the evidence is reliable and free from bias? Additionally, the issue of accountability cannot be overlooked. When an AI tool makes an error, determining liability becomes complicated. Is the fault with the software developer, the law firm that employed the technology, or somewhere in between? Current Regulatory Frameworks Despite the rapid technological advancements, regulations governing AI in legal systems are still in nascent stages. Some countries have drafted general guidelines around AI ethics, but specific laws dealing with its application in law remain scarce. This regulatory void exacerbates challenges as it leaves too much room for interpretation, risking misuse and potential injustice. Therefore, a comprehensive legal framework is urgently needed. Case Studies One illuminating example is the AI tool "ROSS," initially hailed as a revolutionary asset for legal research. However, it came under scrutiny for

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delivering inaccurate information, calling into question the reliability of such technologies. On the positive side, there are AI platforms that have proven effective in expediting document review processes, saving firms thousands of man-hours. These successes, however, still require human oversight to ensure accuracy and ethical compliance. Different countries are at varying stages of AI adoption and regulation. The United Kingdom and Singapore are experimenting with AI in their legal systems but remain vigilant about the ethical implications. Meanwhile, the European Union is at the forefront of establishing broad AI regulatory frameworks, some of which provide guidelines for its legal applications. Future Outlook and Recommendations The trajectory of AI in legal systems is steep, and as it continues to integrate more deeply, the urgency for regulations amplifies. Legal professionals must engage with ethicists and policymakers to craft guidelines and regulations that cater to the unique challenges posed by AI. These collaborations should aim to ensure that AI systems are designed with transparency, fairness, and accountability as foundational principles. The potential for AI to improve efficiency and analytical capabilities in legal systems is immense. However, this should not come at the cost of ethical integrity or justice. Navigating the labyrinth of legal and ethical considerations is a complex but necessary task, making multidisciplinary collaborations crucial for responsible AI integration in legal systems.

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O P I N I O N S

The Interplay of Knowledge and Wisdom: Why Wisdom Trumps All Diana Monterrubio holds the position of Global Procurement Director at Teleperformance, her focus is Hardware and Software procurement. With over ten years of experience, she has been published by Procurement magazine and has spoken as keynote speaker for Procurement and Supply Chain Live in London. She has also appeared in vendor owned channels to discuss women in the tech industry and enjoys bringing sensible tech procurement tips to people of all income levels. She currently lives in Guadalajara, Mexico.

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Diana Monterrubio Procurement Global Strategic Director, Teleperformance

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n an era driven by information, the thirst for knowledge is unquenchable. I look back at the last few years of my career and I have noticed how slowly but surely the last few years have been about accumulating facts, data, and skills. For the latter, I started questioning myself in ways I had not in the past, I have started to meditate on how it's crucial to pause and reflect on the relative importance of knowledge and wisdom in our lives, we gather all types of knowledge on our devices: Videos, books, articles, and the list just keeps on getting larger but, are we getting smarter? Wiser? Are we becoming overloaded brains of data but no wisdom? . professional growth is important, however, I keep on coming back to the same opinion: Emotional intelligence is far more important that other types intelligence, we can know data but, do we understand how far our data goes? Are we sagacious enough to understand where it comes from and most important, where it is heading? Before I carry on with the questions that come to mind, I would like to define a couple of key facts: What is Knowledge? Knowledge is the collection of facts, information, and skills acquired through experience or education. It's the groundwork for our actions and decisions. Today, knowledge is more accessible than ever, thanks to the internet, academic institutions, and various learning platforms. But does accumulating more knowledge automatically make us better decision-makers or more insightful individuals?

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What is Wisdom? Wisdom is the ability to make sound judgments and decisions based on experience and insight. Unlike knowledge, wisdom is often less tangible and harder to quantify. It involves a nuanced understanding of situations, empathy, and an awareness of the broader implications of one's actions. Wisdom is not just about knowing what to do but understanding when and how to do it.

Wisdom is the ability to make sound judgments and decisions based on experience and insight. Unlike knowledge, wisdom is often less tangible and harder to quantify

Knowledge vs Wisdom: The Key Differences Application: Knowledge tells you the rules; wisdom tells you when to break them. Timing: Knowledge is knowing what to say; wisdom is knowing when to say it. Depth: Knowledge can be learned from a textbook; wisdom often comes from lived experience. Universality: Knowledge can be universally applied; wisdom is often context sensitive. Wisdom comes as a consequence of understanding data, its power and the responsibility we hold by owning certain information. It provides the framework for applying knowledge effectively. It is up to us to decide how we use the information we possess and most importantly, how we use it to better understand the world around us. As we continue to amass information, let us not forget the importance that emotional intelligence plays in our lives: Miles Kington aptly put it, "Knowledge is knowing that a tomato is a fruit; wisdom is not putting it in a fruit salad."

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I N T E R V I E W S

Advising Clients on Bermuda Reinsurance Structures & Bermuda Corporate Law Chris Garrod is a Director in the Bermuda Corporate practice of Conyers. He specializes in advising on Bermuda reinsurance structures and working with or forming large commercial insurers and life reinsurers. He also advises on all aspects of Bermuda corporate law, including M&A, reorganizations, and redomestications. Chris also advises on Bermuda fintech and insurtech matters. Internationally recognized as a leading lawyer, Chris has been recommended in numerous legal directories, including Chambers Global and Legal 500, where clients note his "main strengths are his responsiveness and depth of knowledge" and he is "very knowledgeable about Bermuda regulations and has a good working relationship with the Bermuda Monetary Authority." Recently, in an exclusive interview with CXO Magazine, Chris shared his insights on how technology is changing the insurance industry, his current roles and responsibilities as Director at Conyers, qualities required to be a successful finance leader in insurtech, future plans, pearls of wisdom, and much more. The following excerpts are taken from the interview.

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Chris Garrod Director, Conyers

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The risk that climate change will bring over the coming years is enormous, and - living on a 21 square-mile Island in the middle of the Atlantic Ocean - I take it very seriously

In what ways do you feel technology is changing the insurance industry? The insurance industry is very much customer-led, so there are several things. Digital transformation: AI, chatbots, smart contracts, and blockchain are just a few examples. There is a continuing rise of insurtech start-ups. We have our own regulatory environment in Bermuda with a very tech-savvy

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regulator, the Bermuda Monetary Authority, which has created a framework to attract "innovative" insurers to the Island. But ultimately, customer service (and policyholder protection) is critical. While, for instance, smart contracts have a role for small claims, technology has its limits. Human input is always going to be required.

What would be the three keys insurance trends to help insurers future-proof their organizations in 2024? Using algorithms when underwriting, machine learning will be used throughout the industry. That is a trend, but it honestly has been for a while! Trying to handle the increasing longevity trend will be an issue in the life sector. We are all getting older! That will be a significant trend and, albeit challenge in 2024. Finally, global property insurers should focus on climate risk and focus on sustainability. The risk that climate change will bring over the coming years is enormous, and - living on a 21 square-mile Island in the middle of the Atlantic Ocean - I take it very seriously. Tell us about your roles and responsibilities as a Director at Conyers. I'm a Director in the Corporate Department of Conyers, which is Bermuda’s largest law firm, and I advise on all aspects of Bermuda corporate law. Of course, I am also in the Firm's Bermuda insurance practice, specializing in M&A transactions and reinsurance structures, mainly working with or forming large commercial insurers and life reinsurers. I also handle fintech, insurtech, and digital transformation matters generally. Every day is different, which I really like. I enjoy serving as an active member of the Bermuda Business Development Agency's Fintech Legal and Regulatory Technology Sub-committee and am a director of the Association of Bermuda International

Companies. I am also a director of the Bermuda Foundation of Insurance Studies. What has been the challenge you have enjoyed most in your career? Before I began my insurance practice, I was a general corporate practitioner during my first year at the Firm, for a short while. Then, a senior insurance partner came into the doorway of my office and said, "Chris, would you like to do insurance work?" She was so senior, I couldn't say "no," so I said, "Ok." We began working on a new large property reinsurance catastrophe start-up, which was going to do a private offering, and I worked with her for the first five or six years of my existence at the Firm. Looking back at that time while I was working and learning so much from her, it was probably not only the most challenging time I've had at the Firm but also rewarding. According to you, what does it take to be a successful finance leader in the insurance industry? It comes down to being able to manage. Listen to the people who you are working with. Empathy is critical to all of that. It would be best to build a culture within your firm of openness, trust, and willingness to accept different solutions to different problems. Management isn't a one-way street. You have spent more than 25 years of your career in the reinsurance market. What has made the industry so special for you? I love to see how the way it has evolved. People may view the insurance industry as old and creaky, but it's not. I am fortunate to

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It would be best to build a culture within your firm of openness, trust, and willingness to accept different solutions to different problems. Management isn't a one-way street

be in Bermuda, which has a highly cuttingedge reinsurance market. How do you like to spend your time when you are not working? Other than with my family, I like to spend time writing. It's still a work in progress, and I need to do loads to refine it, but www.commfailure.com is where I post my non-work stuff. I mostly do music reviews because that is my main passion... I cannot imagine a life without listening to music. Where do you see yourself in the next five years? As much as I'd love to say, "On a beach with a glass of... etc.." I still see myself at Conyers, doing what I am doing and helping our junior associates along the way, just as I was. If you could have one superpower, what would you like it to be? This is a tricky question, but I'd have to choose something like time travel! I love the idea of going back and, say, being able to listen to Louis Armstrong live, or possibly The

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Beatles (in the Cavern Club, undoubtedly!), or moving ahead in time to see what my kids (or grandkids) have to look forward to! When will we have flying cars? What piece of advice would you give to aspiring professionals wishing to make a career in the insurance industry? First, think about what you want to do. Underwriting? Legal? Actuarial? Something else? The industry isn't just "insurance." And once you have an idea, talk with others in the industry. I will fully admit, I don't have a mathematical mind, so I knew I'd never want to be an actuary from the start. But after taking a degree in law and working in London for a few years, returning to Bermuda, doing insurance legal and regulatory work felt natural. I did two summer internships at Conyers before I started, which helped me decide. As I mentioned, I also was fortunate to have a fantastic mentor not long after I started. It's the little things that cumulate. But just don't be afraid to ask questions along the way.

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