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ComplianceSeptember 30, 2021

What do managed services provide and how do they help businesses

As compliance regulations continue to grow, organizations struggle to stay compliant. Some of the challenges relate to staying on top of frequently changing regulations, making sure documents and procedures are accurate and up-to-date, and staying ahead of new regulations in different territories. As a result of the increased complexity, many companies are rethinking how their legal department should function.

In fact, many companies have decided to outsource these complex compliance issues to outside firms. According to findings in IDC’s Modernization of Corporate Legal Spend survey, sponsored by CT Corporation, outsourcing has become a very cost-effective way to handle the rise in compliance costs. Almost 60 percent of respondents say that outsourcing compliance issues saves their companies the productivity of at least 21 employees. An additional survey of 750 risk and compliance practitioners in financial services worldwide, entitled “Cost of Compliance Report 2020”, found more than a third of practitioners had outsourced some or all compliance functions last year.

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As a result of these changes, Global Market Insights, is anticipating legal process outsourcing to reach $30 billion by 2027, up from $8 billion in 2020.

Outsourcing has long benefited companies by automatically increasing the company’s bandwidth, giving them the ability to scale easily. CT’s managed services can serve as an extension of a company’s back-office team, allowing employees more time to handle more critical business tasks.

Some of the main benefits:

  • Free up staff from data entry to focus on higher value work
  • Experts dedicated to your account who are an extension of your team
  • Proactive and timely data management; updates are made as new information is available
  • Receive alerts when updates trigger required compliance work
  • 24/7 access to your data
  • Answers on-demand including org charts, reports, and more
  • Meet internal and external stakeholders’ data requirements
  • Rely on a predictable cost structure with transparent pricing
  • Expertise that equates to a strong ROI
  • Support for your business as it expands and grows around the globe

CT’s managed services department can handle all a company’s needs from annual reports to business licenses while supporting the client wherever they do business.

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