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.

CASE STUDY: How Vebego got entity management under control

published on Entity Management, Legal Technology

As legal counsel, staying on top of corporate housekeeping can be your biggest challenge, especially when it comes to entity management. As the central point for managing corporate records, company structure, compliance and risk across multiply entities, you want to be accurate and thorough in all that you do. And this can be hard if your info is spread across various spreadsheets and databases, as they simply weren’t built for such a task. So if you find your current system for managing corporate housekeeping for your company and it’s subsidiaries a little fragmented to say the least, then Claudia Jacobs, Privacy & Legal Officer at Vebego, can surely relate.

CASE STUDY: How MSD improves contract management with Legisway

published on Cloud technology, Computable Contracts, Contract Management, Entity Management, General Counsel

For companies operating several departmental databases, there is the prevalent issue of decentralized contract management whereby contract information is scattered around the buisiness. And should a potential investor come along or a merger take place, that issue becomes a big problem – especially for the legal department. This very well could have been the case for Elisabeth Hondius, legal head of biopharmaceutical company, MSD. She recalls how she used to have enough difficulty finding information as it was before her company merged with another. A familiar plight for in-house lawyers everywhere, she says many departments would manage their own contracts, giving her little insight and control.

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.