The Most Influential Chief Legal Officers in India to Watch in 2024 Dec2024

1. www.ciolookindia.com LOOK I N D I A VOL-12 | ISSUE- 01 | 2024 The Most Inuential Chief Legal Officers in India to Watch in 2024 Partha Banerjee Director & Head Legal, Compliance & Regulatory Affairs aka General Counsel (GC) Niva Bupa Health Insurance Co. Ltd. (formerly Max Bupa) Partha Banerjee A Miraculously Transformational General Counsel Driving NBHI’s Success

2. The Most Inuential Chief Legal Officersin India to Watch in 2024

4. Editor's Note

5. TRANSCENDING BOARDROOMS TO TRANSFORM INDIA’S BUSINESS FUTURE T he Chief Legal Officers aka CLOs are now being established as the new corner in modern corporate governance, strategic decisions, and managing risk within the business world. With a wave of change, the 2024 Indian corporate legal world is experiencing something of new with CLOs, not only acting for their organizations' interest by law but also leading visions of change for the landscape. They promote ethical business practice not as a check and balance but as competitive positioning, which further emphasizes stakeholders' trust and confidence. Their role as guardians of the integrity of the corporation would then be more critical during the rising ESG era. Another characteristic that stands out is that these leaders are pragmatic with legal acumen combined with business acumen. They operate as strategic consultants, advising businesses to capitalize opportunities and minimize the risks that may arise in the future. Their services go even beyond the development of industry best practices, public policy, and promoting legal reforms, which favor economic growth and innovation. These influential CLOs can stand out from the pack for their ability to handle the complexities of a dynamic legal environment and align strategies with greater business objectives. As regulatory landscapes continue to evolve, they bring a proactive approach to compliance that ensures ethical and sustainable operations of their organization. Their expertise transcends law matters, often informing corporate strategy, mergers, acquisitions, and policy advocacy. The influence of India's CLOs continues to increase as India's business ecosystem becomes more internationalized and integrated. These are not legal experts alone; they are architects of resilience who make sure that their organizations will thrive in this new world that is full of complexities and ever-changing challenges. ‘The Most Influential Chief Legal Officers in India to Watch in 2024,’ of CIOLook Indiademonstrates the strategic foresight, adaptability, and unyielding commitment to excellence that make a difference. Their impact transcends the boardrooms to make them crucial shapers of Indian business in the future. In a world where technological advancement is changing the face of industries, the modern CLOs are utilizing technology to make the processes more efficient and precise. From AI-driven legal analytics to automated compliance tools, these leaders are redefining how legal functions work. This digital transformation streamlines processes but also gives actionable insights that guide critical business decisions. - Gaurav PR Wankhade Managing Editor These CLOs, in addition, play key roles in building and strengthening a culture of transparency and accountability.

6. CON TEN TS 08 Partha Banerjee C o v e r S t o r y

7. P r o f i l e 22 RakeshChandraSinha Steadfastly Driving Sun Pharma’s Corporate Legal Function in Multiple Geographies A r t i c l e s 16 BuildingaDiverseLegalTeam Best Practices for Leaders in 2025 and Beyond 26 EmbracingAI What Legal Leaders Must Know to Stay Ahead of the Curve ?

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9. The Most Inuential Chief Legal Officersin India to Watch in 2024 Featuring Organization Description Navdeep, the Chief Legal Officer is an expert in handling general legal, governance and compliance issues pertaining to a corporate entity. Navdeep Choudhary, Chief Legal Officer Yum! Brands Partha Banerjee, Director & Head Legal, Compliance & Regulatory Affairs aka General Counsel (GC) Niva Bupa Health Insurance Co. Ltd. (formerly Max Bupa) Partha Banerjee, based in Mumbai, is currently a Director and Head Legal, Compliance and Regulatory Affairs at Niva Bupa. Talwar Thakore & Associates Priyanka Kumar is a partner at TT&A with particular focus on debt capital markets and finance sector. Priyanka Kumar, Partner Rakesh Chandra Sinha, Head of Legal and Compliance Rakesh is a seasoned legal professional skilled in commercial litigation, corporate law and legal compliance. Sun Pharmaceutical Industries Limited Sanjeev is Heading Legal and Secretarial Function of the Group and Handling litigation and corporate matters, transactions, legal documentation etc. Sanjeev Sachdeva, Head Legal Elan Group

10. COVER Partha Banerjee Director & Head Legal, Compliance & Regulatory Affairs aka General Counsel (GC) Niva Bupa Health Insurance Co. Ltd. (formerly Max Bupa)

11. Partha Banerjee A Miraculously Transformational General Counsel Driving NBHI’s Success When I joined Max Bupa in 2016, the GWP was around ₹476 crores, which became approx. ₹5600 crores in 31st March 2024.

12. The Most Influen?al Chief Legal Officers in India to Watch in 2024 T Since 1995, Partha has been practising in District and High Courts, specializing in criminal and writ jurisdiction. Between 1997 and mid-1998, he worked with the then Chairman of the Institute of Company Secretaries, a senior advocate of the Supreme Court. During the day, Partha handled legal matters in the High Court, MRTP, CLB, BIFR, and other courts and tribunals, while in the evenings, he worked under a practising company secretary, dealing with FIPB applications, RBI and ROC compliances, and approvals for intercorporate deposits. here is a growth story that appears to many as a miracle. The story began when Partha Banerjee joined Niva Bupa Health Insurance Co. Ltd. (formerly Max Bupa) in 2016 as the Director & Head of Legal, Compliance & Regulatory Affairs, aka General Counsel (GC), the GWP was around ₹476 crores which became approx. ₹5600 crores on 31st March 2024. How did this turnaround happen? Because Max Bupa, in its initial five years, burnt more capital than required. The period between 2016 and 2024 has seen substantial regulatory changes and regulatory actions on insurance companies. From 1998 to 2000, Partha worked with law firms like Rajinder Narain and Co. and Singhania and Co., gaining exposure to large power projects, contracts, joint ventures, mergers, demergers, and strategic litigations in various High Courts and the Supreme Court of India. In mid-2000, he joined NIIT Ltd. as their Legal Head, responsible for NIIT Ltd., its 24 offshore subsidiaries, and promoter companies. At NIIT, he had to harmonize Indian promoters' business requirements with the laws of multiple jurisdic- tions. Between 2002 and 2003, Partha was involved in establishing the food division of ITC Ltd., and by the end of 2003 until 2008, he served as the general counsel of NIIT Ltd., handling the demerger of NIIT Technologies Ltd., global restructuring, and inquiries by regulatory bodies such as SEBI and the Income Tax Department. Partha’s first guidance to NBHI was to fix the basics so that compliance and customer experience go hand in hand. The relationship with banks, corporate agents, brokers, web aggregators and individual agents was the key to growth. The ease of doing business with NBHI was essential for these distributors. While IT integrations and other factors influencing ease of doing business are important, the agreements with these distributors were also supposed to be a win-win. The focus of NBHI was not on business at any cost. Compliance and ethical conduct superseded business interest because of continuous ethical practice, customer centricity, and compliance; NBHI became a respectable household name. In 2008, Partha was offered the General Counsel position at ICICI Prudential, a leading private life insurance company. This was a time of economic instability, marked by the financial crisis following the collapse of Lehman Brothers. Partha advocated for expansion during the crisis, believing that investing more in the economy would speed up recovery. He also managed customer litigations, labour law compliance, and investment agreements during this challenging time. Partha’s guiding philosophy to NBHI has always been that the business should be sustainable, profitable and expand- able, which in turn requires higher compliance, ethical conduct and customer-centricity. He also looks after ESG for NBHI and is very proud to say that the work NBHI is doing on carbon neutrality, climate change, sustainability, and ensuring social justice by empowering customers and other sections of society is commendable. In recognition of this, NBHI received ‘The Golden Peacock Award in 2023.' In 2010, life insurance companies faced a new challenge when SEBI and IRDAI clashed over the regulation of ULIP products, which constituted 94% of ICICI Prudential's business. Partha played a key role in managing this conflict, which was ultimately resolved with the intervention of the courts and the Finance Minister. This event led to increased regulation of the insurance sector, with extensive inspec- tions by IRDAI continuing until 2022. Between 2010 and 2012, Partha was responsible for addressing a surge in complaints of mis-selling, successfully reducing these complaints with the support of the Managing Director and sales leaders. The Making of the Marvellous Leadership Partha could achieve this miracle because of his vast experience over the last three decades as a corporate lawyer. He is a fifth-generation lawyer from the maternal side of the family. After graduating with honours in political science, there was a choice between pursuing a Master's in Political Science, an M.Phil. in international politics, or law. Inspired by his mother, Partha chose law. From the first year itself, he found purpose in the legal field, something that had been missing from his life before. In his final year of law, Partha also joined the Institute of Company Secretaries, and the combination of law and company secretarial studies shaped him into a well-rounded corporate lawyer.

13. My guiding philosophy to NBHI has always been that the business should be sustainable, profitable, and expandable, which in turn requires higher compliance, ethical conduct, and customer-centricity.

14. I believe in building a cohesive and effective legal team by instilling a sense of purpose and ethics.

15. In 2012, Partha founded his law firm, Chhanda Legal Associates, which initially focused on the BFSI sector. Within a year, the firm was providing services to 22 banks and 19 insurance companies, along with clients from the technology, entertainment, and manufacturing sectors. From December 2012 to October 2016, Partha dealt with legal challenges faced by various insurance companies, gaining insights into the complexities of the insurance ecosystem. age group of 25 -35 who were attracted by the Aspire product of NBHI. While many insurers can copy products, excellence in customer service cannot be copied, and it comes with a lot of discipline, focus, and apathy towards customers, apart from superior technology. Therefore, innovative products, superior customer service and being ahead in technology are the USPs of NBHI, which is proved by the Net Promoter Score (NPS) of 51 already achieved by NBHI. In October 2016, Partha joined NBHI. To his surprise, Partha found that the health insurance sector was more complicated than the life insurance sector. Unlike other types of insurance, health insurance services are provided at third-party premises, such as hospitals. The medical field itself is highly complex, and dealing with the hospital sector, which is largely profit-driven and often engaged in activities that could be termed as "abuse," if not "fraud," posed significant challenges. Building customer confidence and delivering high-quality customer experiences in this challenging ecosystem while managing intricate compli- ance requirements became the new focus. Partha adds that they are using IT in their contract manage- ment, litigation management, and compliance. The Legal Team, while handling litigation, is empathetic towards customers and understands that they are the last person in the queue to help the customer if, for any reason, they are prejudiced by NBHI. “We have regular and serious engagement with IRDAI, Ombudsman offices, GI Council and other industry players so that any obstacle in customer service and compliance is discussed and ironed out not only for NBHI but also for the industry.” A Transparent and Empathetic Chief Strategist Over the past eight years, NBHI has experienced remark- able growth, and Partha believes that the key to its success lies in doing the basics right and prioritizing customer interests. These eight years have enriched his understanding of the complexities involved in managing multi-level distribution channels, thousands of service providers, and numerous hospitals in a regulated environment. During this period, the company has also changed ownership, control, and other significant corporate actions. Sharing his approach to leadership, Partha says that the shareholders, board, and management expect the general counsel to provide leadership to the entire Organization and play the role of chief strategist. Knowing every aspect of the Organization, the General Counsel is well-placed to guide the Organization in mitigating risks and also make it aware of the opportunities available in the market. General Counsels are well-placed to identify what is working for the Organization and what is pulling it down. Giving Tech-Impetus As a General Counsel, Partha gives adequate comfort to the shareholders, board, and management that strict gover- nance, transparency and delegation of responsibility is happening in the Organization and that the Organization is complying with all statutory requirements. He is also responsible for the ethical conduct of approx. 8500 employees, around 1,50,000 agents and numerous employees of corporate agents, brokers, web aggregators and other distributors. According to Partha, in the current era, technology is the most important and challenging element of the BFSI sector, particularly insurance. “While Artificial Intelligence (AI) is helping us in correct adjudication of claims in fractions of seconds, the threat of cyber-attacks, malware, Trojan, virus and other cyber-threats are more real than ever,” he says. While companies need to invest exorbitant amounts of money in acquiring and maintaining state-of-the-art IT facilities, they are also required to be on their toes to protect customer data and the sanctity of computer systems. Regarding leadership style, he believes that transparency and empathy are the keys. Many times, business leaders come up with requests that cannot be granted. “As a General Counsel, I take them on a journey of decision making, which I followed in that case,” says Partha. The decisions are based on data, prior experience, and a bit of intuitiveness regarding how people and courts will behave NBHI is continuously investing in its IT systems as well as in protecting the system from cyber-attacks, he informs. Regarding the USP of NBHI, it can be appreciated that NBHI comes up with revolutionary products every year. For example, one of the segments that Health Insurance was unable to penetrate for a long time was the customers in the

16. Awards like the Golden Peacock Award, 2023, received by NBHI for ESG initiatives, reinforce the commitment to creating societal value beyond myopic KPIs.

17. if such decisions are made. He stresses the need for compliance and also helps other leaders in creating systems and processes so that 100% compliance can be achieved. “I am lucky to have a very strong second line that is able to provide fantastic leadership to the team,” he adds. His job is to give the second line adequate room for decision- making, help them get the resources they need and make them understand the Organization's priorities and culture. Sharpness in defining the KPIs, periodic review, and helping the team whenever they find any roadblock are essential parts of his leadership. “Last but not least, all accolades are given to the team, and I hold myself responsi- ble for every failure,” he states honestly. present to the Organization how to march towards the future, which is to some extent predictable as well. To deliver this, I am not only required to be on top of the legal and regulatory developments, the changing business ecosystem, but also the direction in which technology is moving,” he reveals. A Crucial Advice to Aspirants Before advising aspiring entrepreneurs, Partha cautions them that in the garb of capitalism, governments protect large business houses through bailouts and other actions. The governments also fail to realize that in providing a level playing field, they are coming up with laws and regulations which act as strong entry barriers. The ease of doing business is only talked about, and very little is done in this direction apart from easing the setting up of busi- ness. With the current regulatory environment and tax regime, every entrepreneur needs to find a niche area where they can provide unique value propositions for their customers. It is also important from Day 1 to ensure that the business is sustainable, profitable, and expandable – they need to have adequate governance and compliance mecha- nisms in place. The entrepreneur should also actively engage in advocacy with regulators and law-making bodies. Last but not least, they need to adopt a culture of transpar- ency and create value for society at large. Conquering Challenges Further sharing the challenges, Partha explains that they have around 3000 retail litigations, which are handled on one hand with empathy towards the customer. On the other hand, it is handled harshly against fraudsters. “As an insurance company, we are subject to fraud by customers, distributors, hospitals and service providers.” Every payout made to a fraudster is a cost to genuine premium-paying customers. However, they do not treat these litigations as challenges or threats. Partha adds, “We are in an ever- changing regulatory environment where every change in regulation needs multiple changes in our processes relating to the acquisition of customers, issuance of policy, renewals and payment of claims.” Identification of these changes and their impact on the business processes is very challenging. Having the right people and processes for ensuring compliance, we are able to deal. Last year, they did a primary issuance of around hundreds of crores and a secondary issuance running in thousands of crores for which approval was required not only from IRDAI but also from the Competition Commission of India. “Soon after this project, we initiated the project for IPO, which itself is a mammoth project,” says Partha, adding that he is proud that while all other parties to these deals appointed top most law firms in India, their in-house legal team was able to do deliver these projects with the aid of any external law firms. Fostering Future Transformation Looking to the future, Partha’s legacy goal as Director and Head of Legal, Compliance, and Regulatory Affairs is to transform the Organization into a revered institution known for its values, ethical culture, collaborative spirit, and professional excellence while also enabling data-driven decision-making for efficient legal responses in litigation matters. The GCs are required to do advocacy with regulators and law-making bodies and many times they are part of the committees formed by regulators. Being part of such committees they need to get out of their company specific hats and start thinking what is good for the consumer because unless the interests of consumers are protected, no industry can flourish. GCs are increasingly tasked with developing ESG frameworks for organizations, providing a fulfilling opportunity to contribute meaning- fully to society and the environment. Awards like the Golden Peacock Award, 2023, received by NBHI for ESG initiatives, reinforce the commitment to creating societal value beyond myopic KPIs, he concludes. Business innovations have reshaped industries globally. According to Partha, a GC is involved in structuring every activity within the company to manage contractual, litigations and regulatory risks. GC is also aware of the swat analysis of every individual function within the company and is placed in a position where he can act as chief strategist for the Company. Technology and compliances are moving at a rapid pace. Being one step ahead is the need of the hour, and “As a GC, I am able to

18. Best Practices for Leaders in 2025 and Beyond W Foster an Inclusive Culture orkplace diversity is not a moral question but a strategic imperative. Diversity, to legal leaders, means an environment of inclusion that fosters innovation, improves decision-making, and helps improve relationships with the client. Diversity in legal teams will be the new differentiator in the fast-changing global landscape of 2025 and beyond. Here are the best practices for legal leaders to foster and maintain a diverse team. Diversity without inclusion is not inclusive. An inclusive culture makes a team member feel valued and respected, empowered to contribute their best possible work. Legal leaders need to focus their attention on an environment where one feels safe sharing opinions, bringing the whole self, and doing so in workplaces that respect and value authenticity. Define Diversity Broadly and Inclusively Inclusivity can be built by setting up mentorship programs, establishing employee resource groups, and developing open-door policies. Leadership must engage in dialogues on bias and inclusion, and these dialogues must be translated into action and policies. Diversity transcends a check-listing of demographics. It is an attribute or feature that encompasses differences in gender, ethnic group, age, socioeconomic origins, sexual orientation, level of education, and mental makeup. Legal leaders require a broad definition of diversity so that the teams do reflect the diversity of societal make-up. Leadership Commitment Prioritization Inclusive hiring practices are important. It means looking beyond traditional pools of talent and considering candidates with varied experiences, such as those who have taken non-linear career paths or come from underrepresented communities. A diverse team brings unique perspectives that can better address the complexities of modern legal challenges. Diversity starts from the top. Leaders must demonstrate a resolute commitment to diversity and inclusion through words and actions: creating measurable diversity goals, allocating resources for diversity initiatives, and holding themselves accountable for making progress. Legal leaders can be some of the most powerful forces in setting the tone: being vocal advocates for diversity, 16 | www.ciolookindia.com December, 2024

19. Building aDiverse Legal Team 17 | www.ciolookindia.com December, 2024

20. participating in events dedicated to diversity, and mentoring the underrepresented members of their team. When leaders model inclusive behaviors, it sets a standard for the entire organization. Workshops, training programs, and seminars on topics like unconscious bias, inclusive leadership, and cross-cultural communication can help team members navigate diversity effectively. Eradicate Bias in Recruitment and Promotion Processes Having members of the team obtain more advanced certifications in diversity, equity, and inclusion (DEI) really helps build a richer organizational culture. Leaders should also keep themselves abreast of the newest trends and research on diversity to continue sharpening their approaches. Even the best intentions of diversity can be destroyed by unconscious bias. Legal leaders need to take proactive steps to recognize and eliminate biases in recruitment, hiring, and promotion processes. Appreciate and Celebrate Diversity The use of standardized interviews, standardized evaluation criteria, and technology such as AI helps in minimizing biases. Therefore, leaders have to ensure that hiring panels are diversified. Moreover, they can offer periodic bias- awareness training to the decision makers. Acknowledge and celebrate the diversity of the team and strengthen the sense of belonging for it. Legal leaders may celebrate cultural events, arrange for diversity days, and use mediums to allow members of the team to share their unique experiences and backgrounds. Foster Functional Collaboration This diversity benefits not only the legal department but the organization at large. Legal leaders should ensure cross- functional collaboration by getting their teams aligned with other departments. It fosters the exchange of ideas, exposes team members to various perspectives, and encourages innovative problem-solving. Individual contributions and success can also be acknowledged equally well. Celebrating the triumphs, no matter big or small, ensures that people of the team feel valued and appreciated for their uniqueness. Measure Impact and Refine Strategies Collaboration also occurs with external partners. Working with diverse clients, external counsel, and industry groups reinforces the organization's commitment to diversity and inclusion. Diversity and inclusion are journeys, not destinations. Legal leaders need to measure constantly the effectiveness of their initiatives and make data-driven adjustments. Surveys from employees, reviewing diversity metrics, and seeking feedback from team members are all essentials in continuous improvement. Leverage Technology to Amplify Diversity Technology is a strong enabler of diversity initiatives. Legal leaders can leverage data analytics to measure and track diversity metrics, identify gaps, and develop targeted strategies. For example, analytics may help point out patterns in recruitment, retention, and promotion, thus allowing the leaders to address the disparities. Open reporting on diversity goals and progress is a sign of responsibility and trust with stakeholders. Leaders should share openly and candidly about their success and challenges, thus creating an atmosphere of continuous learning and adaptation. Embrace the Business Case for Diversity This will allow technology to facilitate flexible working arrangements that attract different talent. For instance, remote working will enable people who have family or are living far from the city center to work without missing anything in the workforce. The legal team is better positioned to understand and serve a diverse set of clients, negotiate global markets, and predict future trends. Continuous evidence of researches shows that diverse teams are more likely to outperform homogeneous teams in innovation, decision making, and profitability. The business case of diversity has to be well articulated by legal leaders to have support from all stakeholders. Since diversity relates directly to organizational success, then such commitment and investment in the diversification process are sustained. Continuous Learning Opportunities Diversity and inclusion need education. Legal leaders should invest in continuous learning opportunities that enhance cultural competence and awareness. 18 | www.ciolookindia.com December, 2024

22. In matters of style, swim with the current; in matters of principle, stand like a rock.

24. The Most Influen?al Chief Legal Officers in India to Watch in 2024 Rakesh Chandra Sinha Steadfastly Driving Sun Pharma’s Corporate Legal Func?on in Mul?ple Geographies T and ComplianceDepartment of Sun Pharmaceutical Industries Limited, in multiple geographies. The Leadership Benchmarks of Empowerment he pharmaceutical sector demands the most influential chief legal officer of the calibre of Rakesh Chandra Sinha, who Heads the Legal Rakesh emphasizes the importance of knowledge sharing and has implemented advanced technological solutions to optimize team efficiency. “By leveraging electronic data management, collaborative tools, and legal tech solutions, we’ve significantly improved our ability to manage contracts, litigation, and compliance,” he says. This digital transformation has yielded substantial time savings and enhanced overall efficiency. Rakesh is leading the legal department of Sun Pharma and is supporting the top management in driving Sun Pharma’s success. As General Counsel, he prioritizes the professional growth of his legal team. “I believe in continuously guiding and mentoring our team members to ensure their career advancement,” he states. This approach fosters a high- performing legal team dedicated to the organization’s success. He furthers that in addition to our founder’s vision and dedication, Sun Pharma's success is underpinned by a commitment to continuous transformation and efficiency. The company is focused on building new growth avenues while simultaneously optimizing operations. A Passion for Law and Problem-Solving There is a fascinating story behind Rakesh’s foray into the legal sector. A combination of factors drove his journey to becoming a legal professional. “I was drawn to law because of the opportunity to help people and solve complex problems,” he explains. The intellectual challenge of analyzing arguments and finding solutions was also appealing. His natural inclination for organizations, their restructuring and synergies further solidified his path. “I enjoyed the study of law and the ability to construct compelling arguments from both sides of a case,” Rakesh adds. This foundation laid the groundwork for a successful legal career. The company’s speciality or innovation business is a key component of this transformation, emphasizing innovation to drive sustainable growth. Significant investments have been made in building a robust portfolio of innovative patented products for global markets. Leveraging information technology is crucial in enhancing business efficiency and employee productivity. The company aims to judiciously utilize resources and foster greater employee involvement to drive overall efficiency. Sun Pharma’s Legal Team: A Strategic Partner Today, the legal team under Rakesh’s leadership operates as trusted business partners, providing solution-oriented advice and efficiently handling complex matters. “We strive to be fair, prudent, and reasonable while always keeping the organization’s best interests in mind,” he explains. Sun Pharma’s legal team operates as a unified force, prioritizing the organization’s best interests. As Rakesh explains, “We function as one team, handling all projects and transactions efficiently while minimizing risks.” The team has a proven track record of managing litigation effectively by developing strategies for high-risk cases. “We have formulated policies and processes that support 22 | www.ciolookindia.com December, 2024

25. Rakesh Chandra Sinha Head of Legal and Compliance Sun Pharmaceu?cal Industries Limited Our legal team acts as trusted business partners from the legal perspec?ve; they provide solu?on-oriented advice and work on several material ma?ers/ transac?ons in a ?me-bound manner. 23 | www.ciolookindia.com December, 2024

26. business operations,” Rakesh adds. This focus on efficiency and risk mitigation has earned the legal team a strong reputation among its business partners. Navigating the Complex Pharma Landscape The pharmaceutical industry operates in a dynamic environment characterized by stringent regulations, market fluctuations, and a constant need to innovate. When asked how Sun Pharma balances operational efficiency, legal compliance, and customer satisfaction, Rakesh emphasized the company’s proactive approach. The pharma sector has faced unprecedented challenges due to COVID-19 and stringent government regulations, he explains. These regulations shaped the future pathway for growth. The company conducted rigorous assessments to understand the short-term and long-term implications of these changes. “By focusing on stakeholder outreach and leveraging industry insights, we’ve successfully navigated this complex landscape and positioned Sun Pharma for continued growth.” Sun Pharma’s Digital Transformation: A Legal Perspective Rakesh emphasizes the importance of technology in modernizing legal operations. When asked about integrating digital principles while adhering to legal guidelines, he highlighted three key software systems: CLM, COT, and LM. “These systems are imperative for fully leveraging technological advancements in the legal domain,” Rakesh explains. “They enhance visibility, efficiency, and compliance while reducing manual work and errors.” By centralizing contract data, tracking obligations, and managing litigation cases, Sun Pharma’s legal team has significantly improved its operational efficiency and decision-making capabilities. legal team, he emphasized the importance of autonomy. These digital tools are essential for navigating the complex legal landscape and ensuring the company’s continued success. “Autonomy is a hallmark of an innovative culture,” Rakesh explains. “By empowering team members to make decisions, we enhance motivation and performance.” He further emphasized the importance of guiding and supervising the team while ensuring they provide excellent and timely support to business partners. This approach, according to Rakesh, fosters a high-performing and engaged legal team. He believes in training and developing the future leaders of legal domain by identifying and Empowering the Legal Team: Rakesh’s Leadership Approach Rakesh believes that employee empowerment is essential for driving innovation and performance. When asked about fostering a culture of growth and development within the 24 | www.ciolookindia.com December, 2024

27. By prioritizing these factors, entrepreneurs can build a strong legal foundation for their businesses and navigate the complex legal challenges that lie ahead. mentoring his successors which will also cater to the organic as well as inorganic growth ventures of his organization. A Sustainable Future: Sun Pharma Legal Team’s Strategy A CLO’s Perspective: Navigating the Entrepreneurial Landscape Sun Pharma is committed to driving sustainable growth and addressing pressing environmental challenges. As Rakesh explains, “Our focus on sustainable development is evident in our initiatives across CSR, technology, and ESG.” Rakesh offers valuable advice for budding entrepreneurs seeking to build a high-performing legal team. He emphasizes the evolving legal landscape and the need for legal counsel to be proactive rather than reactive. The company recognizes the growing impact of climate change and is taking proactive steps to mitigate its effects. “We are adopting a ‘design to sustainability’ approach, creating products that minimize waste and maximize recyclability,” Rakesh says. “Redefining our corporate strategy to align with climate-change goals is also a priority apart from meeting the unmet patient needs.” “Legal counsel should be more than just on-demand consultants,” Rakesh explains. “They must have a voice in strategic and tactical decisions and be able to identify potential risks and opportunities.” He suggests entrepreneurs look for legal counsel with subject matter expertise, accessibility, and a holistic approach to legal matters. To ensure effective compliance and risk management, Sun Pharma has implemented a robust Compliance Management System. 25 | www.ciolookindia.com December, 2024

28. Emb?cing AI 26 | www.ciolookindia.com December, 2024

29. Legal Leaders Must Knowto Stay Ahead What of the Curve ? A Strategic AI Influence on Decision Making rtificial intelligence aka AI has moved from a concept in space to being the transformation force changing the face of world industries. Within the legal industry, precision, efficiency, and compliance lie at its heart, and it is the AI that will change everything. Legal leaders can no longer afford not to understand AI and how it can be integrated to maintain a pace in this new order of the world. Here is what legal leaders need to know to embrace AI effectively and stay ahead of the curve. Beyond routine tasks, AI may also offer strategic insights to understand patterns and predict the outcomes. Predictive analytics can enable legal teams to judge the success of litigation or detect risks in contracts. Data-driven insights from such predictive analytics may make informed decisions for law leaders to advise organizations effectively. Legal leaders should recognize AI as a strategic ally that complements human expertise. While AI can process data and provide recommendations, the nuanced judgment and contextual understanding of seasoned legal professionals remain irreplaceable. The key lies in combining AI’s analytical prowess with human insight to deliver unparalleled value. Understand the Potential of AI for Legal Practice AI can indeed change legal workflows into faster, more precise, and cost-effective mechanisms. Tasks such as review, contract analysis, research, and compliance monitoring of contracts are now possible with automated AI tools. Not only does it save time, but human error is also avoided to ensure better outcomes from both the client and organization sides. Examples that illustrate this capability are analyzing large volumes of legal documents in minutes and determining key phrases relevant or critical along with errors present. This ability is an area to work the strongest benefit in due diligence, as well as in mergers and acquisitions. Therefore, legal management needs to know this much about AI for effective engagement through AI. Addressing Ethical and Regulatory Concerns Integration of AI in legal practice raises very serious questions on ethics and regulation. While there are some considerations on the data privacy, algorithmic bias, and accountability issues, legal leaders should ensure that AI tools have to comply with the laws and standards of ethics as applied, providing confidentiality to the clients and fairness in their decisions. 27 | www.ciolookindia.com December, 2024

30. Functionality Collaboration Maintaining pace with evolving legal standards in AI is important. The government and the regulating agencies all around the world are working towards devising a framework that would govern the usage. It is the need of legal leaders to remain updated regarding such developments to ensure their organizations are compliant with the change and can align with the new requirements in time. AI impacts the department beyond just the legal arm, which also affects compliance, finance, and even human resources. Legal heads need to work with cross-functional teams to unlock full potential through AI. In this context, AI might help make compliance processes efficient by alerting relevant teams about the changes in regulation in real-time. Investment in Training and Skill Development This involves working with technology providers and consultants to customize AI solutions for specific legal needs. Legal leaders must be actively involved in the design and implementation of such tools to ensure they are in line with organizational goals and values. It is not the same as acquiring the latest technology. Adopting AI means preparing teams with the skills to put that technology to good use. Legal professionals are needed to be trained on how AI works, interpret outputs and seamlessly integrate it into their work-flows. Preparation for the Future of AI in Law Continuous learning should be championed by legal leaders in their respective organizations. The opportunities should be given to people in upskilling AI-related domains. Legal leaders can foster an innovation culture to ensure a smooth transition to the AI-driven era through empowering teams with knowledge and tools. AI is changing fast, and its applications in the legal sector are expanding. From blockchain-powered smart contracts to AI-driven dispute resolution platforms, the future holds immense possibilities. Legal leaders must adopt a forward- thinking approach, staying abreast of emerging trends and innovations. Building Strong AI Governance Frameworks Industry forums, networking with peers, and engaging with thought leaders can bring valuable insights into the trajectory of AI. Anticipating future developments, it is possible for legal leaders to position themselves and their organizations at the forefront of this technological revolution. As AI becomes an integral part of legal operations, establishing robust governance frameworks is essential. Legal leaders must define clear policies for AI usage, ensuring transparency, accountability, and ethical practices. This includes guidelines on data handling, decision-making processes, and audit mechanisms to monitor AI’s performance. Automating with Human Expertise While AI offers remarkable advantages, it is important to balance the automation with human expertise. Legal matters often involve complexities that require empathy, critical thinking, and nuanced understanding—qualities that AI cannot replicate. Such frameworks not only help mitigate risks but also build trust with the clients and stakeholders. It is a commitment to responsible AI adoption, thereby further cementing the reputation and credibility of the organization. 28 | www.ciolookindia.com December, 2024