Corporate entities maintain sensitive minute book records to document vital legal entity data. Minute book records contain legally sensitive information about the business hierarchy, ethics, and compliance policies, as well as confidential shareholder information.
Sometimes, multiple executives or members of the general counsel department must edit, share, or otherwise handle these secure minute book records. Teams must collaborate as they hand off protected data without compromising the security of the entity or violating compliance protocols from government regulators.
Maintaining the privacy and sensitivity of these minute book records is one of the core benefits of entity management software. Platforms like MinuteBox help teams streamline minute book management with more secure and efficient workflows.
Secure Collaboration is a secure collaborative feature in entity management platforms that helps modernize minute book management. Here are three of the primary ways that secure collaboration protects sensitive legal entity data to help maintain corporate compliance.
Secure share grants platform access to minute book data
Data security is absolutely essential when managing corporate minute book records. It’s imperative that legal entity data remain protected under lock and key as general counsel manages the records.
There’s always a risk that data could be lost, misplaced, or compromised when shared over email. PDF or Excel files with vital corporate entity data are at risk of exposure when sent across different email servers and addresses.
The benefit of Secure Collaboration’s Secure Share feature is that it eliminates this workflow altogether. Grant team members portal access to the platform with secure passwordless logins. You can see who accesses the platform, apply granular share limits to specific data, and set an automatic expiration date for the portal to maintain corporate security. No more emailing PDFs!
Real-Time Collaboration makes cooperation a breeze
Part of legal entity security is knowing who makes what updates to the records, and when those changes are made. Traditionally, general counsel maintains a manual audit in a spreadsheet that documents when any new changes are made to the records.
Using entity management software’s Real-time Collaboration feature, all the manual work is eliminated from the process. A secure audit trail tracks every change within the platform, providing a diligently documented record of any updates to minute book data.
Additionally, the feature delivers real-time notifications that let you know when anyone else is viewing the records. All changes can be marked as drafts until general counsel can review and sign off on them. This means all drafted changes can be saved in real-time, ensuring no updates are lost in the hand-off between collaborators.
Advanced Reporting allows oversight of all legal entities
Not every executive, director, or shareholder needs to see every piece of data within your corporate minute books. In fact, most of them aren’t interested in anything more than the absolute essentials.
Using entity management software’s Advanced Reporting feature, you can create comprehensive reporting filters to describe specific legal entity data to your superiors. The reports are dynamic and easily shareable within the platform, granting all users access to the data at the appropriate times.
The reports are fully customizable, allowing you to tailor how the information is reported based on the recipients. This feature makes legal entity management fun, simple, and accurate!
Improve executive satisfaction with secure record-sharing
The main benefit of Secure Collaboration and all its corresponding features is more secure corporate record-sharing. But the supplementary benefit is that it improves interpersonal relationships between collaborators and superiors.
Efficient and streamlined collaboration means the right people get the answers they need faster and easier. As a result, entity management as a practice satisfies the requirements for corporate compliance and makes everyone’s lives easier. When executive lives are made easier, everyone feels happier and more satisfied with their work!
Ready to create a more secure and collaborative approach to minute book management? Join the MinuteBox revolution, introduce Secure Collaboration to your legal entity management workflows, and improve the satisfaction of maintaining compliance.