4 ways legal departments can facilitate collaboration to ensure effective entity management

published on Compliance Management, Corporate Record-keeping, Entity Management, Legal Collaboration, Legal Risk Management

Ensuring corporate governance and regulatory compliance especially when the business is growing and has operations globally, can be tedious. Not only do you need to adhere to laws, policies and regulations across different nations and jurisdictions, you must also deal with diverse corporate forms. This can make legal entity management a major challenge for legal departments, especially for those with limited resources. With the pressure to do more with less, it is upon general counsel to find innovative, low cost methods to better manage entities. 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.

4 tips for legal departments to improve corporate record-keeping

published on Compliance Management, Corporate Record-keeping, Entity Management, Legal Risk Management, Reporting

As the business keeps growing beyond borders (and different jurisdictions!), gaining clear visibility into the corporate structure is essential. Here is a list of 4 tips for all-sized legal departments, to better manage their corporate records to ensure governance and compliance while mitigating risks- to demonstrate value across the organisation they serve.

How to calculate your business risk using a Risk Assessment Matrix

published on Compliance Management, Entity Management, General Counsel, Legal Risk Management, Reporting

Pulling together a risk management plan for your company is no easy feat. Firstly, you need to properly identify the full gamete of risks that could impact your business. Then gathering and compiling all the necessary information requires time and resources. But arguably the most important step of all is calculating the level of risk by creating a Risk Assessment Matrix. This is what the business takes out from the assessment and puts into action. It requires a high level of expertise and advanced analytical skills if you want the findings to be accurate and credible.

Due Diligence Report – Real Estate and IP – proving your net worth

published on Compliance Management, Contract Management, Entity Management, General Counsel, How-to, Reporting

Think you could turn around a prompt and thorough due diligence report verifying your company’s net worth if a potential investor or buyer came along? It is estimated that every year 7.5% of all company documents are lost and 3% are misfiled at a huge aggregate cost to businesses to locate or recreate these files. Not to mention that failure to provide complete information could cost your company the deal. So don’t let this be you!

A large part of proving your company’s net worth includes real estate, assets and all intellectual property and this needs to be chronological, up-to-date and accurate. As a CEO, CFO or Legal Counsel, you might have most of this information on hand, but it doesn’t hurt to consolidate what you do have and areas you may need to address.

Due Diligence Reporting – commercial records & contracts, claims & compliance – are you ready?

published on Compliance Management, Contract Management, Entity Management, General Counsel, Reporting

Whether you’re a start-up or working for a well-established enterprise, one day you could find yourself lumped with the onerous task of due diligence reporting for a potential buyer or investor – and you’ll want to be prepared. If the preparation of due diligence falls on the CEO, CFO or sole Legal Counsel, it always pays to have a checklist of the key requirements upfront to ensure you don’t leave any stone unturned, and that the process runs as smoothly as possible. Here is a run down of some of the initial records and documentation to help get you on your way to due diligence perfection.