News

6 September 2021

MEDIA RELEASE: Business needs to adapt to new technologies to stay relevant

Resolution Institute's 2021 Dispute Resolution Conference

6 September 2021

On the 15th and 16th of July over 400 delegates descended virtually on to the  Resolution Institute 2021 international conference, Resilience and Reinvention: Dispute Resolution During a Crisis. Distinguished guest speakers included Her Excellency the Hon Margaret Beazley AC QC, Governor of NSW and The Hon Michael Kirby AC CMG who delivered the keynote address, titled Wicked Problems. Bright Solutions.

Speakers appearing at the event included key influencers and stakeholders from the business, government, law, judiciary, commercial and academic sectors.

Tim L'Estrange, Partner in Global Disputes and Partner-In-Charge Melbourne, Jones Day chaired a panel titled “New Perspectives from New Technologies: A Disputes Angle” where it was revealed that businesses are going to have to move quickly to keep up with emerging new technologies if they want to stay relevant.

“Those changes to technology bring with them a vast array of both opportunities and risks. It’s more important than ever to identify those structural changes and the legal issues that will inevitably arise and debate how we will resolve the ensuing disputes,” said Mr. L’Estrange.

As Former Westpac CEO Brian Hartzer told the audience, “Artificial Intelligence is beginning to have a real impact on business. The bank may no longer require a physical presence and the places you once went to to get money are diminishing.”

The internet is now breaking down both national and international borders which once stood as barriers to trade. This, in turn, has led to increased competition and the rapid growth of new business models.

“All in all, it’s a pretty interesting time to be in business and, moving forward, we will create lots of things that will keep the legal industry busy for years to come,” Mr Hartzer said.

Caroline Malcolm, a Paris-based Senior Advisor with the OECD, also spoke on the importance of blockchain to the business world. Blockchain, Caroline said, created a new kind of relationship between businesses, which she described as “‘co-opetition,’ a mixture of competition as is usual between companies, but also cooperation because everyone is working on the same central network.”

As COVID-19 continues to disrupt the local and global economies, significant challenges are apparent. For both private enterprises and public institutions, priorities are rapidly shifting under increased pressure and for organisations in dispute prone sectors, the efficient resolution of disputes is now more important than ever in order to maintain business and rebuild community confidence and harmony.

 

Resolution Institute is the peak industry body across dispute resolution disciplines in Australia and Aotearoa, New Zealand. We are a vibrant community of mediators, arbitrators, expert determiners, adjudicators, restorative justice practitioners and other dispute resolution professionals. We value integrity, excellence, innovation, collaboration, diversity, and influence. We reflect these values in our work for and with our members.

 

MEDIA CONTACT:

Sean Brogan, Public Affairs Manager: 0477 102 303