As a legal entity like a corporation gets larger, growing to enterprise level, the legal entity information and processes of managing them can get more and more complex. The corporation’s legal team has to be able to keep up with maintenance, regulatory compliance, management of corporate data and more. Implementing a thorough legal entity management system can help any corporation stay in control of their data, allowing for fast visualizations, centralized storage of data, control over access roles, notifications, and much more.
What is legal entity management
In an enterprise-level corporation, the structure of the legal team can differ widely. Members of the legal team can be under different names, performing different roles in different departments. Many of these team members will need access to the same resources. Legal entity management is all about keeping control of the documents and information that makes up the legal entity, centralizing it in one place for members of the legal team throughout the corporation to be able to access, monitor, and visualize. The need to provide accurate information and advice, as well as to provide information much more quickly to meet growing regulatory demands makes legal entity management an important process in any type of business organization; from corporations to partnerships to joint ventures to wholly owned subsidiaries.
Why it matters
The core duty of your legal entity management system is to ensure thorough governance and compliance. A complex administrative organization, increasing regulatory demands, and expectations for rapid access to corporate data mean that the team needs to have that data on hand at all times. Legal entity management provides quick access to corporate management structure, governance, share volumes, stakeholder information and much more, all hosted in one place. Legal members of different departments are able to retrieve and provide visualizations for the data they need, whether it’s for internal use or external reporting.
Information: your most important resource
A legal entity management system is all about staying in control of the information your business depends on, both internally and within an increasingly stringent regulatory world. The information your company needs to be tracking includes the following: directors and officers, addresses and contact information, legal names, records of sales, mergers, share transfers, and much more. In a large company, keeping track of so much data can be a demanding task and yet individuals within separate departments may all find themselves in need of that data at one point or another. Legal entity management helps you create a centralized home for all the information your legal team needs so that no longer do they have to go collecting and collating it themselves. Everyone has access to the same resources and the same information.
How technology helps
When you’re talking about creating a centralized resource of information for use of legal team members in departments across the whole enterprise, the benefits of using technology over a manual or paper-dependent system are clear. The complexity of a physical filing system, the tracking necessary to ensure all documents are accounted for, and the physical space and financial cost of such a system could bloat and weigh down your legal teams tremendously. Now, however, secure online software and storage make it a lot easier to share access to the same resources regardless of what device is used to access it from anywhere both inside and outside the company. Of course, the best legal entity management software ensures that security is a focus, not only through encryption technologies but also the ability to set different roles and permissions, limiting which members of the team are able to access the most sensitive data.
What to look for in management tools
What do you need from your selection of legal entity management software? As mentioned, security is vital, but convenience is just as important. Internet-based, efficient systems that allow access from any device makes it easier for members of the team to collate, prepare and present data quickly, especially helpful when meeting fast-paced requests for data from regulatory bodies. Effective visualization tools allow team members to better present data within a range of contexts through interactive dashboards, perfect for reporting. Furthermore, tracking and notifications can help members of the legal team receive notifications for obligatory events, such as schedule regulation data requests and tax returns.
Incorporating legal entity management into any enterprise-level corporation is essential. Today’s heavily regulated environment requires the collation and reporting of legal entity information in one place. The right legal entity management software makes it significantly more efficient and effective, so take a look at Symfact legal entity management software and see if it fulfills your corporation’s needs.
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