What to look for in an entity compliance data management solution

Businesses are in a constant state of change via growth, new hires, and the implementation of new technologies. Similarly, compliance regulations and business needs are ever-evolving, which is why you need an adaptable data-management solution.

Corporate records are key strategic assets. To provide value, they must be correct and readily accessible to stakeholders throughout the organization.

The right entity management solution is the foundation for safe and streamlined business practices. You need a trusted partner that can help your business achieve compliance, ensure precision, maintain good standing, and support transactions — across all parts of your business.

Here are the features to look for in a compliance data management solution.

1. Secured cloud-based hosting

• Provides 24/7, secure global access
• Enables the right team members to share the right information
• Facilitates rapid responses to inquiries from regulators
• Yields customer data and processing capabilities with industry-leading security standards
• Offers dual infrastructure backup with no single point of failure that can withstand unplanned activity while maintaining continuous operations
• Features datacenters that are SOC compliant and ISO certified
• Auditing Standards Board (ASB) Compliance

2. Automated workflows powered by centralized data

• Maintain critical entity data enterprise-wide
• Generate custom, accurate organizational charts
• Provides interdepartmental collaboration and management of compliance to-do's
• Calendars major compliance events and deadlines
• Manage documents and easily generate documents through templates

3. Permissioning / control

• Grant and manage access to both internal and external organizational users
• Provides the oversight necessary to see all account activity
• Assists with transaction activity
• Helps your employees maintain data integrity

4. Tax / FATCA compliance

• Captures all relevant GIINs (Global Intermediary Identification Number) and IRS forms
• Ensures reporting of foreign-held accounts across all federal, state, and local jurisdictions
• Avoids costly penalties related to improper withholdings

5. Trading compliance

• Provides representation to consolidate reporting efforts and reduce costs
• Manages LEI (Legal Entity Identifier) and GMEI (Global Markets Entity Identifier) acquisitions
• Streamlines annual renewals and mandatory updates
• Manages SEC forms and limited partner agreements

6. Outsourcing options

Outsourcing when there is too much information or when new regulations cause an increase in workloads to manage in-house. Options include:

• Self Service: onboarded by a third party to the platform, but you maintain your data
• Managed: information is managed for you by a team of experts
• Ad Hoc: able to utilize outside resources to manage special one-time projects

7. Flexible data and workflow integrations

• Integrations allow for automated updating across enterprise applications
• Pre-built integrations for easy out of the box connections to essential systems
• API library to support custom needs of your organization
• Seamless connections to compliance filing solutions

8. Solution customization

• Implementation designed around your organizational workflows
• Data fields tailored to your business
• Alerts to help you stay current and informed

You need a trusted partner for entity information management

Entity management continues to grow in importance for compliance and governance professionals, given that the aims of both rest squarely on maintaining accurate and dynamic corporate records. It has become a strategic function within modern organizations that helps support not only compliance and governance but also collaboration.

Good entity management reduces risk of penalties, fees, and even the loss of good standing.

But keeping entity records up to date is essential and time-consuming. The right entity managed solution provides resources and the expertise to keep your company data accurate with:

• dedicated experts to help manage, organize, and report on-demand
• proactive and timely data management service, including updates performed as soon as new information is available
• support that works within your existing workflows and adapts to your changing needs

Learn more

To learn more about how CT Corporation can help you manage your entity information needs, contact a CT Service Representative.