It’s clear that corporate legal departments today operate much differently than they did a year ago, or even six months ago. Expectations for legal tech are increasing as corporate legal departments have realised it can help them work efficiently, especially from the home office. According to the Legal Departments in a Digital Era report by Wolters Kluwer and the European Company Lawyers Association, 63% of the respondents believe that between 40% and 80% of their work will involve legal technology over the next five years. Below we highlight some key features of a good corporate governance software for managing your corporate entities and ensuring corporate governance.
Must-have features for corporate governance software
Gather business-critical information to create an overview
To put it simply, corporate entity management involves maintaining up-to-date records of each entity along with the directors. That’s why gathering your information is a big, and often daunting, step. To get started, figure out what information you need to store together with the other stakeholders. Then you can proceed with collecting data from all the spreadsheets and sources. By managing the inflow and outflow of information, policies, reports and documents that inform the organisation’s transactions and filings in a cloud-based centralised repository, you can ensure controlled access for the internal departments, managers, board directors, audit committees and even regulators who need them. If you want to learn more, check out other tips to improve corporate record-keeping.
Set alerts to stay on top of deadlines
It's impossible to remember all the deadlines for each subsidiary, especially if you’re responsible for international entity management and countries have different deadlines. One of the key features of corporate governance solutions is the ability to set up automated reminders to relevant stakeholders. However, avoid suffering from “alert burnout” by setting alerts for every due date. The more alerts you receive, the more likely you are to ignore them and not paying attention to the serious ones. We recommend setting alerts for deadlines that occur on a monthly, quarterly or annual basis.
Data visualisation for corporate governance solutions
Organisations that haven’t invested in legal technology often turn to generic tools like spreadsheets to keep track of the company’s structure. While this method might work if you have just a couple entities, as your company grows it can be hard to keep track of manually. One of the most powerful features of Legisway is the ability to generate org charts. It allows you to view ownership and value across complex structures with multiple entities. Moreover, you can keep track of key corporate information for each group, company directors and shareholders and see changes over time.
Optimise equity management and eliminate errors
As your organisation grows, equity management becomes increasingly prone to errors. Legisway streamlines and automates the equity management process. Take advantage of the control and calculation tools to ensure that the execution of capital operations (acquisition, sale or restriction of securities, capital increase or reduction, mergers between entities) is reliable, simple and eliminates legal risk. For more information on risk management, check out our article on calculating risk with a corporate risk matrix.
Legisway ensures your legal department is equipped with the right tools to manage information and workflows. The result is that you manage corporate records and generate reports without having to increase your resources and/or budgets- ensuring ongoing compliance and effective risk management. Here is how you can report on your company’s legal information, corporate events and power of attorney, with Legisway solutions.