Legal operations, corporate secretaries, compliance and governance professionals are some of the busiest people in any organization. Although they are responsible for high-detail work to ensure that the business remains compliant with local regulations, they are often interrupted by frequent questions about entities in the subsidiary group that require them to pull documents or run reports for other business units.
When this type of work is being done through Excel spreadsheets, shared drives or old entity management systems like Blueprint, GEMS, CSC or hCue, inefficiency and risk is added to the compliance responsibilities of the legal operations team. The benefits of a modern legal entity management software system can have a significant impact on reducing this burden on legal professionals.
1. Less interruptions and proactive compliance
By enabling business users to run their own reports and encouraging collaboration through tools like notifications, tasks and workflows, modern legal entity management software allows entity management professionals to focus on entity compliance instead of running reports and extracting data for business users. This makes compliance activities less reactive and more proactive as the entity managers have more capacity and focus.
2. Reduce entity risk
With all the information in a centralized place with high data integrity, users are able to leverage automated workflows, reminders and compliance calendars to better manage entity risk. With real-time data dashboards, stakeholders are able to understand the exact status of every entity and compliance activity.
3. Create a single source of truth
With all entity data stored in a central entity management system, business users now have a single source of truth where entity data can be accessed. When entity data is centralized, accessible and high quality, human error is reduced leading to higher quality data reports and decision making. The strategic value is that everyone from the compliance managers to the Board are looking at the same data set. This level of transparency drives higher quality of work because there is immediate accountability among the compliance team for data integrity and compliance levels.
4. Create a culture of compliance and pride in the data integrity
Similar to the satisfaction you get when organizing your desk, when entity data is organized into an entity management software, legal teams take pride in the new data integrity and system and will create a culture of maintaining that integrity. This pride in the newly organized data
5. Provide permissioned and secure access
A modern entity management system can give anyone access to entity data quickly and effectively. To provide responsible access, modern entity management systems can provide different access permissions including view only, restricted editing and summary only views to ensure that the appropriate confidentiality levels are in place.
Athennian is the top reviewed legal entity management software used by corporate secretaries, paralegals, law clerks, lawyers and subsidiary governance professionals to streamline and automate their entity management workloads. Athennian is the only modern, cloud-based entity management system with elegant features such as eSignature, friendly interfaces and task-based workflows.
Athennian.com is the top reviewed legal entity management cloud platform for law firms and in-house corporate teams. Athennian is used by innovative organizations that value modern software with elegant automation and workflows. Integrating entity data management, document assembly, eSign, org charts, and e-file, Athennian is selected by leading law firms and corporate legal and tax teams to scale legal entity governance. Athennian offers rapid migration services for customers from any legacy database including ALF, CorpLink, EnAct, GlobalAct, EnGlobe, FastCompany, Corporate Focus, Blueprint (Diligent Entities), GEMS, hCue, Effacts and more.