Corporate lawyers play a major role in facilitating corporate governance so that businesses can be sustainable and financially stable over the long term. It is important to establish a framework with standards to attract fairness, ensure credibility and remain competitive. With compliance and regulatory obligations and the complexity of organizations and their sub-entities, corporate governance can be a challenge for any legal department, regardless of size or capability.
The key is to prioritize value-generating activities. However, this may not be easy when the legal department is busy with repetitive tasks. If the company’s internal management processes are manual, you’re looking at wasted hours on low-value work and exposure to risk from delays and errors.
In this article, we look at 5 ways to streamline internal business management processes to ensure corporate governance.
- Centralize information on a single platform
Imagine being asked to gather information for an audit where you need to dig up files related to different entities stored in multiple systems and folders. How many hours will you spend looking for information? What is the guarantee that you will find the exact information you are looking for? When files and documents are scattered across different servers, you waste time, make mistakes, and put the business at risk.
The solution: a repository to store all documents related to the entity
When all the information is centralized on one platform, you will be able to find everything you need with a click. You’ll save time, minimize errors, and mitigate risks that can harm your business.
- Structure documents and monitor entity activities categorically
How many hours do you spend each week manually “filing” information into the correct folder(s) based on how many places it is used? Worse still, how many hours do you spend going through emails and asking your colleagues about the status of documents or subsidiary activities? Having to perform repetitive tasks manually is time consuming and you will never have an overview of updates.
The solution: all-in-one legal management for entity activity and document management
A dedicated legal solution will allow you to keep the history of information, check their status and automatically generate and classify the documents of the company and its subsidiaries in well-designed folders/sub-folders (constitution documents, articles of association, lawsuits). minutes of meetings, registers, etc.). Plus, you can automatically schedule and share your business information at any time with stakeholders who will be able to view it based on their access rights and managed entities. You will also be able to generate a visual overview of the company and its entities on dedicated organizational charts. You can consult at any time the structure of the company and the information of its entities thanks to advanced reporting functionalities and analyze and monitor the activity of your subsidiaries (breakdown of capital by company, dividends paid by shareholder and company, etc. ). With a dedicated legal solution, you will have access to the latest updates, see changes in real time, share documents in a secure environment and ensure that only authorized people have access to information.
- Monitor capital transactions
Imagine having to keep an eye on all capital transactions of the company and update accordingly whenever there is a change in capital or a conversion of securities, especially when the company is growing. You will have no insight into important events and therefore risk making ill-informed decisions.
The solution – a legal management system with dedicated functionality to automate capital operations
By streamlining capital operations, you can monitor any merger of companies, capital increase/reduction, acquisition, sale, conversion of securities, etc. and always have a complete overview of any current company and its status. You will be able to make informed decisions and be in a better position to answer Board questions.
- Be alerted to the risks
Consider the scenario where a record of a transaction has changed and there is an inconsistency which will impact the results. Most likely, you will learn about this incident only after the damage has been done, putting the entire organization at risk.
The solution – legal management software with editing rules
Whether there are editing rules that warn you of inconsistencies or potential violations of law; checking for duplicates, alerts when an agent’s age limit is approaching, automatic monitoring of the number of shares issued and distributed, etc., you can ensure compliance of your transaction records and mitigate risks that may lead to financial and reputation for your organization.
- Streamline event management
A company’s business year is marked by several corporate legal events, including general meetings and meetings of the board of directors, which are important for the reputation and sustainability of companies. Organizing these events can be tedious and stressful for managers. Between the sending of invitations by mail, the management of proxies, the monitoring of votes and the drafting of minutes, the risk of error is high. In addition, these processes must be diligent and secure, which makes it even more difficult to organize these assemblies and governance meetings.
The solution – integrating a meeting management tool with a legal management system
By automating general meetings, board meetings and other meetings according to the form of your companies, you can organize events easily and safely, while keeping full control over them. You can set alerts and tasks automatically for each template, so you don’t miss key dates for meetings, press releases, and more. In addition, you can view all the events related to the legal life of your company (expiration of mandates, general meetings, board of directors, etc.) on dedicated dashboards. You can also offer a dedicated space to your participants, to keep them informed of all upcoming events and related documents and to prepare meeting agendas and send invitations to participants online. You can also centralize and track the votes of your participants while providing shareholders, members and directors with a secure online space to consult documents, issue a proxy or vote electronically.
By dematerializing the management of documents and activities of the entity, you can store and share specific information (statutory data, information on shareholders, agents, securities transactions, etc.) for your company and its subsidiaries anywhere in the world, in a single solution that respects your business rules. By linking the data, documents, people and organizational charts of each entity, you have a clear overview and can stay in control.