Zelma Acosta-Rubio – GC Powerlist
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Peru 2023

Financials

Zelma Acosta-Rubio

Executive vice-president of corporate and legal affairs | Interbank

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Peru 2023

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Zelma Acosta-Rubio

Executive vice-president of corporate and legal affairs | Interbank

Team size: 44

What has been the number one challenge that has impacted you over the past year?

The primary challenge that has impacted me personally over the past year has been integrating ESG criteria as a strategic imperative within our organisation’s operations. This task has required significant effort to shift the mindset and culture surrounding ESG considerations.

To address this challenge, I have focused on effective communication and education to impact company culture. I have made a deliberate effort to present a strong business case for ESG integration, emphasising the legal and reputational risks associated with ignoring ESG considerations. I have worked closely with other departments to highlight the benefits, including improved risk management, enhanced brand reputation, and access to sustainable financing options. Collaboration with external partners, such as ESG experts and industry associations, has been instrumental in addressing the challenges I have encountered. Leveraging their expertise and staying informed about emerging best practices has allowed me to provide informed guidance and strengthen our ESG initiatives.

While integrating ESG criteria as a strategic imperative has been a personal challenge, I am committed to leading our organisation in this endeavour. By effectively communicating the legal and business case for ESG, aligning our legal frameworks, and collaborating with external partners, I believe we can successfully integrate ESG considerations into our operations and mitigate potential risks while driving long-term sustainable growth.

Looking forward, what technological advancements do you feel will impact the role of in-house legal teams in the future the most?

My top one category is artificial intelligence (AI) and machine learning. AI-powered tools can automate repetitive and time-consuming legal tasks such as contract analysis, legal research, and due diligence. These technologies are already improving efficiency, accuracy, and cost-effectiveness, allowing legal teams to focus on higher-value strategic work such as automation tools and self-service tools. Closely followed by advanced data analytics tools to extract insights from large volumes of legal data to identify patterns, trends, and risks, enabling proactive decision-making and risk management strategies. Blockchain is also an interesting technology to streamline legal processes, including smart contracts, intellectual property rights management, and secure document storage. Other technologies that we are already using include, cloud-based platforms and collaboration tools that facilitate seamless communication and document sharing, promoting efficient collaboration and enabling real-time updates, enhancing productivity and flexibility. Additionally, we already use workflow automation tools to streamline legal processes, such as contract lifecycle management, document generation, and case management.

What is a cause, business related or otherwise, that you care about, and why?

I care deeply about inclusion, and unlocking opportunities for people to thrive, I am particularly passionate about financial inclusion and just transition due to climate change. Why?

Three data points on financial inclusion: the level of financial inclusion in Peru is below the regional average, only 27% of the population has access to the formal financial system and, the lack of financial education is one of the main reasons for the low financial inclusion in the country. By promoting financial inclusion, we can empower individuals and businesses, especially those in underserved communities, to participate fully in the economy and improve their financial well-being and autonomy.

Three data points on climate change: climate change could cost 15% of Peru’s GDP by 2100; in the last four decades, Peruvian glaciers have lost 40% of their surface area and, finally, between 2008 and 2019, natural disasters caused 656,000 displaced individuals in Peru.

Thus, ensuring a just transition to a more sustainable and climate-resilient economy is key to Peru´s sustainable growth. The country is considered highly vulnerable given its geographical location and diverse ecosystems, all vulnerable to various impacts such as increased temperatures, changes in precipitation patterns, and extreme weather events like droughts, floods, and landslides which will affect the various industries and vital resources for populations to thrive.

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