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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Risk Banking & Finance February 2021 Vol.14, No. 54, Winter 2021

Lara Oyesanya


Lara Oyesanya is an experienced solicitor in the financial services sector skilled in regulatory, payments, enterprise risk management, consumer protection, small-medium enterprises, retail and commercial banking. A co-opted member, Committee on Benefactions External and Legal Affairs (CBELA), University of Cambridge and, a non-Executive Director, Plan International UK. A Contributing Editor, LexisNexis Encyclopaedia of Banking Law and a Member, Consulting Editorial Board, LexisPSL. A Fellow of The RSA and 'Business Woman of the Year' & 'Corporate Leader', 2018 FL National Awards. Ranked in The Lawyer Hot 100 2021. Formerly, legal director at Klarna, senior legal counsel at Barclays and BAE Systems, a divisional counsel at RAC, a legal director at HBOS (Lloyds Banking Group), and Group Head of Legal at Lex (Lex Autolease). Also, a barrister of the Supreme Court of Nigeria and a law graduate (LL.B Hons) of the University of Lagos with an LL.M in Comparative Company Law.



Contis is an electronic money institution focused on end-to-end digital and card payments solutions powered by real-time cloud based technology for reliable processing. Contis owns the Engage brand developed for Credit Union organisations. Contis is regulated by the Financial Conduct Authority and the Bank of Lithuania.

Risk Banking & Finance February 2021 Vol.14, No. 54, Winter 2021

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