The purpose of your corporate compliance program is to protect the health and security of your business entity. Compliance programs help corporations avoid misappropriating human and capital resources; administer procedures for fraud, abuse, and discrimination, as well as install processes to secure operations and legally protect the business from outside risks.
As legal technology continues to advance, it increasingly becomes a reliable resource to secure your corporate interests. Platforms like MinuteBox are intuitive, and they’re developed with forward-thinking logic to help legal professionals remain on top of all compliance trends.
Here are four major compliance trends that business entities must effectively address to remain in compliance with jurisdictional laws. We’ll explore how legal entity management technology can help address these trends and secure corporate compliance.
Cybercrime and protecting corporate security
Financial crimes are part of a trillion-dollar industry, and it’s estimated that business entities lose three dollars for every dollar of fraud. Amongst the most alarming examples of cybercrime are ransomware attacks, which corrupt data files on harddrives and hold them hostage until payments are issued to unlock that data.
Sensitive corporate data must be protected to ensure compliance and avoid the massive costs of a ransomware attack. Your business entity must protect cyberhackers from corrupting the platform and holding sensitive data hostage.
Legal entity management technology like MinuteBox is protected by biometric and hardware key authentication solutions. It remains encrypted to all but a select few of administrators with authorization to access the platform. This enables you to safely store important legal entity data behind the most advanced cybersecurity parameters, thereby remaining in compliance.
Data privacy and safeguarding sensitive information
Cybercrime and digital hacking activities have placed greater demands for increased data privacy and security. Governments have enacted data privacy measures like GDPR in Europe for the specific purpose of enforcing compliance protocols to safeguard the handling of sensitive data and information.
Corporate entities must implement robust data privacy policies and procedures to properly store sensitive data. Solutions that guarantee data encryption, maintain controlled access to corporate data, and enable ongoing security audits are essential to maintain compliance with data privacy and security protocols.
Legal entity management technology functions as a single resource to store all sensitive legal entity data. Instead of using multiple sources, often as unsecured platforms, entity management software protects all data behind advanced encryption services. It becomes a centralized source of truth to store corporate entity data and maintain compliance.
IT governance and transparency of risk management
Just like legal business entities have compliance frameworks, most global corporations also have IT governance frameworks. IT governance refers to the structure implemented by organizations to align IT investments with overarching business objectives.
As cybersecurity issues like ransomware attacks or data security breaches become more prevalent, an IT governance framework becomes a concern that works up the organizational hierarchy. Executive leadership, including the board of directors, become very active in their efforts to ensure IT investments make practical sense for the business.
Legal entity management software helps organizations protect sensitive data and reduces external risks that may compromise the information. Board members and executive leadership are among an exclusive group of internal members who can be authorized to access minute book records within the platform. It ensures that all sensitive legal data remains secure while also guaranteeing transparent oversight to support compliance.
Ongoing monitoring and compliance management
Finally, the remaining compliance trend is the ongoing management of compliance itself. Like an IT governance framework, which requires diligent audits to ensure the technology safeguards sensitive entity data, compliance is an ongoing process itself. It requires constant monitoring and management to ensure the protocols are followed, and that the business remains protected.
One of the chief benefits of legal entity management software like MinuteBox is that it provides users with a simple-to-use compliance framework. The framework is built directly into the platform, and users can use intuitive drag and drop features to complete all the necessary steps and sequences necessary to maintain compliance.
The built-in compliance calendar includes additional features like annual calendars for filing dates, business name registrations/renewals, PPSA registrations, patent or trademark expirations, and more. Simply input your information into the platform, and you’ll receive automated prompts that ensure you never miss a compliance deadline again.
Don’t allow expansive compliance trends and requirements to derail the security and integrity of your legal entity. Join the MinuteBox revolution today and make compliance a central pillar of your business strategy.