Unlock Efficiency and Triumph in Entity Management

Legal has finally embraced digital transformation, paving the way for new operational models. Today’s legal teams share responsibilities between humans and software platforms, creating an ecosystem where both work side by side to enhance efficiency.

Why Should Entity Management Be Tailor-Made for Software and Automation?

Entity management is a prime candidate for software and automation. It involves repetitive, administrative tasks that consume valuable time but can easily be streamlined with the right tools. However, many organizations still silo entity management across geographies and departments, often with little central oversight. Unifying these processes with one platform adds control and certainty to otherwise fragmented operations.

What Are the Key Benefits of an Entity Management Platform?

As legal teams embrace the digital leap, integrating entity management is a natural step forward. The key benefits of an entity management platform include:

Dynamic task management: Automatically track deadlines and reflect changes in corporate records and filings in real-time.
Auto-generate key documents: Effortlessly create summaries and share them with regulators and tax authorities. Automate workflows across jurisdictions for key processes.
Improve collaboration: Build secure portals for shareholder and board meetings with integrated messaging and reporting features.
Ready for surprises: Access a community of global experts to handle non-standard issues or questions that arise.
Digital simplicity: Fully manage tasks such as compliance reviews, project management, document filings, legalizations, apostilles, and notarizations—all electronically.

How Does an Entity Management Platform Simplify the Onboarding Process for a New CFO?

The business value of an entity management platform can be significant. For example, when a new CFO joins a large organization, they may oversee 30 countries and hold board-level positions in each. To formalize their role, a series of documents must be completed and filed with local authorities. The required documentation for financial disclosure, licensing, and registration can vary dramatically by jurisdiction—Japan differs from France, and Brazil has its own set of rules.

Without an entity management platform, the process would be manual, requiring each step to be repeated for each country. With a digital platform, the process becomes faster and simpler.

Documents can be generated, completed, and signed electronically, even with multiple signatories. A single project manager can oversee the entire process using the platform’s dashboard to ensure no deadlines are missed and no details are overlooked. Once completed, the entity management database is updated automatically with the latest corporate information, simplifying the handover process for the new CFO.

How Does Digital Transformation Make Legal Teams More Agile?

Digital transformation is pressuring organizations to move faster. The speed at which initiatives advance or contracts are signed can make the difference between sustaining market share or falling behind. Legal teams play a critical role in avoiding business catastrophes caused by poor entity management, such as stalled deals or compliance breaches.

A Harvard Law School and EY survey in early 2021 revealed that legal departments are under pressure from boards, CEOs, and CFOs to operate differently. There is an increasing expectation for legal teams to enable growth, provide better data, and transform risk management.

What Pressure Are Legal Departments Facing to Operate Differently?

General Counsel (GCs) must ensure that their operating models are optimized for speed and efficiency. They need to provide faster advice to support quick decision-making.

How Can Moving to a Digital Platform De-risk and Simplify Entity Management?

The pressure is on legal teams to streamline and automate. By moving to a digital platform, entity management can be de-risked and simplified, freeing up legal teams to focus on more value-added responsibilities. This shift contributes to greater operational alignment with the business and ensures better allocation of legal resources and brainpower.

If you’re intrigued by the potential of digital transformation in the legal world, be sure to dive into our other blog post, Mastering Due Diligence: Key Steps You Need To Secure Investments, where we explore more innovative strategies and tools that can revolutionize the way legal teams work!