ELAINE TAN ON LIFE IN MAS LEGAL
The Assistant General Counsel of Singapore’s central bank sheds light on its inner workings and how its younger legal officers are nurtured.
BY ASHUTOSH RAVIKRISHNAN
Coming from CCCS, the competition watchdog and later, private practice to the Monetary Authority of Singapore marked a major shift for Ms Elaine Tan. “The work at each organisation was very different: in CCCS, it was a lot of investigative enforcement work,” she recalls. “But in MAS, we support its functions as a central bank, regulator and developer of financial sector, like an in-house role.” This entails dispensing advice, reviewing agreements and assisting with legislative review.
Elaine has navigated this change rather comfortably; in six years, she has risen to lead a team within the Authority’s legal department. “Having good bosses helps,” she quips. For one, there was her former Division Head who has moved on to a different portfolio within the Authority. Elaine points to her knack for understanding how to make advice useful for internal clients and for explaining to her team the considerations that go into her advice.
And like so many organisations, the MAS legal team’s culture is also set by the person at the top; in this case, it’s Mr Paul Yuen, the Authority’s General Counsel. Elaine recalls how Paul was “in the trenches” with them during the early days of Covid-19, which were hectic, to say the least. “He could have easily turned his phone off and said, ‘You guys deal with this and I’ll see you in the morning.’ But he didn’t—he even drafted some agreements himself, just so that the team’s workload was more manageable.” Such actions left a deep impression on Elaine, who counts herself lucky for having good bosses throughout her career.
“There’s a common principle among them: they have all been really interested in their work. So when they have that interest, they’re keen to learn more and they’re curious. They encourage you, or rather, they make you want to be the same way.” This is especially useful at an organisation like MAS, which is regularly in the thick of nascent developments like green financing.
Perhaps that drives Elaine’s decision to experiment with various portfolios within MAS. The Authority’s legal team is 28-strong, divided into divisions that look into different matters. Officers are regularly consulted on their portfolios, so that their work remains interesting; some opt to specialise, while others, like Elaine, enjoy trying new things. In 2021, she largely supported the Authority’s developmental and technology departments and in 2022, supported the central banking arm.
MANAGED TO MANAGING
Regardless of portfolio, mid-career officials like Elaine have one thing in common: managing teams and juniors is a big part of the job. Like the leaders she admired, she hopes to instil in her team a thirst for new experiences and knowledge, so that they continue to find fulfilment at work. The pandemic has also made her realise that leaders have a responsibility to lead people through change. “Paul did that wonderfully and I wanted to pick up that skill for myself,” she says, explaining her decision to attend the SAL – INSEAD Legal Leadership Programme last year.
As one of 10 lawyers from the public service in attendance, Elaine appreciated the different leadership perspectives she heard from the various branches of the profession (private practice, in-house and legal service).
“Everyone discussed talent attrition, which has been happening for years. It was interesting to hear that some people felt that an associate who respected you would necessarily stay with you. I don’t think that’s the case. Some will move because of the money, or earning opportunities, or to find more balance. If you can identify the motivating factor, then you can address it. But I don’t think there’s a one size fits all.”
That goes for mentoring younger members in the team well; she sees herself in some of her juniors, with their “give me work and I’ll get it done by hook or by crook” attitude. There are also others who may be more vocal about their preference for greater autonomy of their time. To Elaine, there’s no running away from learning how to manage both sorts. “As a leader, you can’t just manage one type of person. You’ll have to know how to effectively manage them all.”
Gain leadership insights from the SAL-INEAD Legal Leadership Programme, a three-day management programme catered to law firm partners, general counsel and legal service officers. It applies business school methodologies to address leadership challenges faced by legal professionals, including improving organisational alignment, managing growth and change, motivating people and teams for high performance, and communicating effectively. Learn more here.
