This is where improving collaboration with your colleagues in different departments, divisions and/or jurisdictions comes into play. When your colleagues are not informed and involved in entity management processes, this can make it difficult to identify and mitigate corporate and compliance risks associated with various corporate forms. Interestingly, as per the KPMG’s CCO Survey 2017, 32% of CCOs do not agree or do not know if management in business units, operations, and IT are involved in the assessment of compliance risk within their units.
Whether it is for regulatory compliance, administrative maintenance, monitoring of insider trading or internal record keeping, you and your colleagues must have an expansive view of entity management and its needs. Here are 4 ways legal departments can facilitate collaboration across the business, improve communication and dialogue among stakeholders, and be more effective in entity management.
Consolidate all your corporate information in one place.
Whether someone needs to retrieve Certificates of Incorporation, Articles of Association, share certificates, stock transfers, appointments, or Directors’ service contracts, you and your colleagues can find historical or current information and see the changes over time. For example, if someone needs to know who was on the board between April 1, 2016 and September 15, 2018, finding this information is easy and does not require having to open multiple files or sending countless emails to try to track it down.
Centralise your meeting information
Set up automatic reminders to colleagues for key dates
Share legally accurate data across the business
Collaborating with internal and external stakeholders can help you overcome many, if not all legal entity management challenges. Facilitating collaboration across the business and senior stakeholders can help Legal identify and mitigate legal risks across the organisation and in the event of crisis, takes actions quicker while saving time to better serve your CFO and the board.
Struggling to keep up with regulatory compliance and corporate governance amidst the ever-increasing workload? Download our whitepaper “Driving value by facilitating better collaboration across the business” and find out areas for optimisation across key competencies including entity management and learn how improving collaboration with colleagues can help you fill in the gaps and mitigate corporate risks. Get your free copy today!