Time is a luxury that many businesses can’t afford to spare. Global organizations always seek more efficient and innovative solutions to streamline workflows, accelerate deliverables, and generate results in the pursuit of growth.
In the legal entity management field, it’s no different. Legal departments, corporate secretaries, and compliance professionals are often inundated with repetitive administrative or clerical workloads. In between managing minute book records and corporate documentation, these teams of professionals must meet filing deadlines and manage inquiries from jurisdictional regulators to remain in compliance.
Global entity management systems assist legal teams with more streamlined and efficient methodologies to support corporate compliance. Here are five of the chief benefits of global legal entity management systems and how they help modernize entity management workflows.
Increased focus on compliance deadlines
One of the biggest responsibilities for legal entity managers is to stay on top of all the administrative tasks to help an entity remain in compliance. Examples of these tasks include:
Uploading corporate organization charts
Managing compliance deadlines
Coordinating multiple calendars
Filing statutory and date-based compliance tasks
Completing minute book records
Generating annual reports
Modernizing corporate documentation workflows
With a global legal entity management system, you can streamline all of these tasks. Built-in compliance modules include pre-built templates on how to create each of these corporate records to help your organization remain in compliance. It makes it easier to create, edit, and manage the documentation, saving valuable working time for your entire legal department.
Reduced risks of non-compliance penalties
Remaining in compliance with jurisdictional laws keeps your company from falling into legal and financial peril. One need look no further than the collapse of FTX as an example of a company operating in bad faith and the fallout from those non-compliance business decisions.
Using a legal entity management system, you store all your important corporate data in one centralized location. There’s no risk that paper records will go missing or be accidentally tossed in the trash. Everything is stored in cloud-based servers that make it easy and convenient to access corporate records whenever a situation calls for clarity.
Increased security with no technical expertise required
Transitioning your corporate documentation to a legal entity management cloud is not only a time saving benefit. You can accelerate documentation workflows without adding additional technical expertise to your company’s payroll.
Legal entity management systems include no-code document generation features. You can easily create and customize legal documents without the need for technical expertise to complete these tasks. The platforms are intuitive enough to generate PDF-style templates of these documents that are easy to modify as necessary.
Improved corporate transparency with regulators
When regulators come calling, you want to provide clear and accurate minute book records. Transparent documentation makes any scheduled or unscheduled auditing session quick and painless. Satisfying regulators with your diligent recordkeeping is one of the best ways to avoid the repercussions of non-compliance business activities.
Since all minute book records are stored in your legal entity management system, you can sit down with regulators for scheduled sessions and walk them through the documentation. Advanced search filters allow you to pull up any records under scrutiny in a matter of seconds, which will go a long way towards keeping your entity out of legal hot water.
Greater efficiencies with meetings and signatory approvals
We end where we began around the idea of time saving efficiencies. Using cloud-based global entity management systems, you can conduct all meetings with entity executives, directors, and shareholders from any location.
Data shows that nearly three out of four corporate executives want greater flexibility when it comes to running important meetings for the business. Since minute book records are stored within the entity management system’s cloud-based servers, the records can be viewed from anywhere with an internet connection.
Imagine granting your legal entity management team the ability to conduct minute book record meetings and reviews with key stakeholders at their convenience. Instead of coordinating a review session across multiple calendars to arrange time for everyone to be in the same room, the meeting can be conducted virtually from anywhere. Plus, the built-in e-signature feature makes it easier to get signatory approval on any finalized documents.