What does a Director Regulatory actually do?
Sandra Kumhofer joined FinLeap in January 2015 as Director Regulatory. Now, she shares some insights into her job
So what do you actually do at FinLeap?
I am responsible for all regulatory issues. On one hand, I help the new ventures to get licensed when starting their business and help with obstacles they have to face. I also function as a legal advisor regarding regulatory issues. On the other hand, I deal with regulatory topics that regard FinLeap as a financial holding. Furthermore, I am responsible for all the contracts of the ventures and cooperation partners, e.g. banks the ventures work with as well as contracts with external service providers. In addition to that, I am responsible that the venture’s websites are according to law (T&Cs, Data protection, Imprint).
What is most challenging about it – and what do you love most about it?
Sometimes, it is hard to keep the overview of all ventures and to not mix them up. Some seem to be pretty similar, in these cases the legal differences are very important. It can be difficult to work with all the talents and make sure that they keep the legal issues in mind. It is also important to gain the management team’s trust and sensitize them for all regulatory topics.
I am very passionate about regulatory. Due to the creation of new business models, there haven’t been regulations for all ventures established yet. Therefore, you need to create analogies with existing regulations which gives me a wider range when building up new ventures. Moreover, I love the diversity that FinLeap provides.
Which are the tools you can’t start your day without?
I must have my coffee in the morning and my Brötchen. Due to the open working space, it can be quite loud and overcrowded thus, my music is essential. I am also madly in love with law books.
What is your professional background?
I studied law in Vienna and, after my graduation, I worked in the Austrian Raiffeisen Landesbank Niederösterreich-Wien for four years. Following that, DLA Piper international law firm in Vienna became my workplace for the next five years. During that time, I was also completing my bar exam.
Any advice for someone who would start in the same field?
You need to have a lot of passion. Organization, accuracy and diligence is a must. Because of the communication with non lawyers , you need to be a great listener and ask a lot of questions. As is it my task to make everything possible, you should be also open minded to take risks because we want to change the industry.
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