Fintech Layer Cake cover image

Fintech Layer Cake

Legal Ops and RegTech Lessons with Faraz Rana, former CLO of Bread

Aug 1, 2024
Faraz Rana, former Chief Legal Officer at Bread and founder of Affinity, shares his journey from M&A lawyer to startup leader. He delves into the regulatory nuances of the Buy Now Pay Later landscape, emphasizing compliance's pivotal role in fintech. The discussion also highlights the integration of generative AI as a compliance co-pilot and the importance of building relationships in legal operations. In reflecting on RegTech's future, Faraz identifies the need for innovation to overcome barriers in selling solutions to compliance teams.
44:17

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Transitioning from big law to a startup environment requires CLOs to develop flexible problem-solving skills and self-directed decision-making.
  • The integration of generative AI as a compliance co-pilot can transform employee engagement with compliance policies, promoting real-time guidance and awareness.

Deep dives

The Role of Compliance Co-Pilot in Enhancing Awareness

A compliance co-pilot is introduced as a generative AI tool that transforms the way employees engage with compliance policies and training materials. This tool allows users to ask questions and receive real-time, accurate guidance, embedding compliance into their daily workflows rather than relegating it to infrequent training sessions. By providing immediate answers, it acts as a support system, akin to a virtual compliance officer, promoting a culture of compliance awareness throughout the organization. It also collects data on common inquiries, which can inform future training and improvements.

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