UniCredit Bank Serbia’s Head of Legal Department Gligorije Brajkovic shares with CEE In-House Matters how his role has evolved over time, leadership lessons he’s learned over the years of managing legal teams, the developments in the banking and finance sector with the most lasting impact on the legal function, and more.
CEEIHM: You’ve been with UniCredit Bank Serbia for over 15 years. How has your role evolved over that time, and what moments stand out as key turning points in your career?
As a Latin proverb goes, Panta rei, and the role of legal head can’t be an exception. On the contrary, the scope and shape of the role has changed during the last 20 years significantly. Various circumstances have led to the transformation, but the overall evolution of businesses, two financial crisis, covid pandemic, and general global events were the ones that shaped where we are now. Keeping in mind the frequency and extent of changes, it is hard to pick one as dominant and…anyhow, looking forward and ones with better outlook can say that the current position is just one stop and not a final destination.
For sure, if I take a big picture and focus on the road I’ve crossed, this would be resolving the dilemma of whether to choose the path of an external lawyer or take a position at the in-house legal helm. This was not an easy decision and although should be rational, it was considered from various angles. Maybe relying at the end on my gut feeling was not bad.
CEEIHM: How do you approach collaboration across departments like IT and operations to ensure alignment between business goals and compliance standards?
In the era of technology, with distant cooperation as a normal way of working, I prefer direct and live meetings if possible. This still provides possibilities to better understand and hear. Distant communication allows faster and more convenient way of work but also creates invisible boundaries that can undermine our aims. Whenever key milestones are nearing, direct meetings will give you the opportunity to resolve and improve chances of success without compromising risk to be managed.
CEEIHM: What’s one leadership lesson you’ve learned over your years managing legal and compliance teams?
A crucial skill for all in-house lawyers is to distinguish the importance of the topic on your desk. Criteria may be very different and complex but managing them will allow for proper quality of your support and allow you a bit of personal life. This was becoming even more significant with the overwhelming regulatory burden which our civilization is favoring since no better model has been envisaged yet.
CEEIHM: From your experience, what makes an external law firm a true strategic partner?
Various competencies are required from a strategic partner – a wide scope of expertise, strong technical knowledge, social intelligence to follow your needs, responsive team.
CEEIHM: You’ve spent more than 20 years in the banking/finance sector. In that time, the sector has undergone significant regulatory and technological transformation. Which developments do you think have had the most lasting impact on how legal and compliance functions operate today?
From a clerk behind a desk to a humanless branch was technological jump that we crossed in a short period. This was led by technology and regulations that followed. Most important was the implementation of the principle of transparency and protection of the customers. With this facelift, banking becomes responsible and a human player in modern society. This transformation is ongoing and in general dictates the direction of regulations in this field.
CEEIHM: What emerging regulatory trends are you watching closely, and how are you preparing your team for them?
Working in the financial sector, it is hard to focus on just one stream. Financial sector is and overregulated area with requirements that are multiplying at a staggering pace. Regulating AI is a global question and would condition the way of doing business in the future.
Similarly, regulating digital assets (e.g., virtual currencies) will shape the world of cryptocurrencies and is expected to change the financial ecosystem as we know it.
These two are just examples of how the world is evolving on daily basis. Being prepared is a challenging task. This depends on various factors within your team – its size, scope of work, previous experiences but also how it is structured in terms of the generation breakdown. One must accommodate activities to these various factors.
CEEIHM: Which tools or processes have become essential to your daily work in managing legal and compliance operations?
Quality of the legal support is a must if you want to build your reputation. To achieve this, the mechanics and logistics are essential. A good system of evidence – tracking the team’s responsiveness and delivery deadlines with proper tools – that allows reporting is at the basis of any progress.
CEEIHM: Outside of work, is there a habit, mindset, or practice that helps you navigate the pressures of your role?
In medio stat virtus, says Aristotle. Although skiing is my passion which deviates from said moto!