Managing Digital Payments Risks
Lara Oyesanya, General Counsel and Chief Risk Officer, Contis, UK
Digital payments and the vast ecosystems of merchants, banks, governments, credit unions, card issuers and ATM networks, are having a transformative impact on the global economy and our societies. Their rapid adoption in retail e-commerce, travel, education, and health, etc., has driven this transformation, and consumer choice has had a significant role in driving this adoption. Cryptocurrency's movement into the mainstream payments' ecosystem continues to gain momentum. FinTech firms have had an outsized role in developing digital payments and have disrupted every sector of the financial services industry. At the centre of this transformation is the ever-changing role of the In-house counsel in managing risks. In-house counsel no longer just gives advice, they also contribute to the growth of the business. With innovative technologies come new risks that must be managed in part by regulation. This makes the role of the In-house counsel interesting in balancing the need to promote business growth, uphold the law, and manage emerging risks. In balancing these things, the In-house counsel is likely to consider the impact of stakeholders such as shareholders, customers, employees, and the wider community (including the natural environment) on the business, to realise the full potential of digital payments in value creation.
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