As pressure grows on large, enterprise level companies to keep up with regulatory compliance and the handling and transmission of what can sometimes be sensitive data, Entity management software is an excellent solution. Rather than spending a lot of time and resources on inefficient ways of dealing with governance and compliance and the legalities associated with management, stakeholder information and shares, you can streamline your corporate governance into one easy to use system.
Although the above seems like a simple and succinct answer to the question “why do you need an Entity Management system” the reality is that entity management itself is a complex set of processes, involving various different departments within a company. This means the actual benefits to implementing software are diverse and because every business has different operating systems, the requirements for using entity management software not only vary from department to department, but also from business to business.
Managing risk and ensuring compliance is often a complicated task for business compliance teams and officers. Not only do they have to manage policies and procedures, but all trading activity, record keeping and managing all the administrative tasks in regards to all corporate data and information. If this is done by your legal team rather than a specific compliance department then the amount of work shouldered by that department can be huge. Legal Entity software is designed to make that process simpler and help protect your business with fact-based decision making and control over records and regulations.
A substantial part of management for any company is the sheer amount of documentation and information required as part of the corporate record and associated entities. All this information needs to be stored safely, with managed access. An Entity management system centralizes all this information into one safe, single location. This streamlines the documentation process and provides easy access for compliance and legal teams to their data and ensures easy management of documents, contracts, legal agreements and compliance.
If you have a large amount of employees with access, it is imperative that you can easily keep track of any changes made. Every action made in an Entity Management System is fully tracked in the audit logs, along with a time stamp and the user’s information. By auditing and tracking every step of a document, report or policy change, you can hold employees accountable for their actions and gives your company some protection.
The incident capture and reporting suite ensures all incidents of non-compliance are stored and automatically assigned for investigation, whilst analysis tools included in within the software can assist with legal protection. This helps you manage issues quickly and with the least amount of disruption to the running of the business.
Reporting and processes are a vital part of compliance. With Entity Management system you can keep on top of all compliance management and processes by using the custom reports feature, which allows you to analyze operational data, workflows, information and documents. The automated reporting feature tracks important information and with some companies offering a complete revision history within their software, you can even track how procedures and management has changed over time.
Due to the sometimes sensitive nature of information regarding entities within a business, security and adherence to the relevant jurisdiction is essential. Entity management software uses the latest encryption technologies and two-factor authentication to secure all data, and for hosted solutions you can select the location of your server and therefore your data depending entirely on your legislative and jurisdictional requirements.
By using a configurable access control interface, you can restrict access to sensitive and legal data and information, protecting your company from third parties.
Due to the ever changing nature of entities and regulations, businesses often prefer an online/browser-based Entity management system because it enables them to monitor any events from wherever they are which helps the management process run as smoothly as possible. All that is required is an internet connection.
Governance and Management
Some entity management software providers offer a bespoke configuration layer within their software. This helps increase accuracy throughout your management processes, as the software can be configured to match your current management framework , giving you a level of consistency vital to the success of governance and management.
By keeping all the information about your business in the one central repository offered by Entity management systems, you can maintain and manage the complex legal entity information and control your organizational structures without complications. Interactive dashboards gives you a quick visual overview on the governance throughout your organization and all the subsidiaries and entities. It also enables you to have better management of stakeholders and their documents. You can clearly see all share volumes, their value, transfers and any stakeholders with voting rights.
Keeping on top of your businesses corporate record and managing workflows can sometimes seem like an impossible task. Entity management software makes this process far more simple for all employees than if you were manually managing all entities. One of the most useful features of an entity management system is the automated reporting tool. It can be used to configure and track important milestones and events and trigger notifications to the relevant persons.
Financial Benefits to Entity Management Software
The use of Entity Management software can have financial benefits to implementing such a system, especially compared with outdated processes. Improving overheads and containing cost are something no business should turn down. Keeping a closer eye on workflows and reducing the time spent by your employees on the actual management and governance of your corporate record and entities, thanks to the efficiency of an Entity Management system, means that productivity will improve, which in turn improves business growth and performance. By optimizing your corporate lifecycle management and using the tools included with the software, you can keep on top of any tax accounts, changes or events allowing you to assess and project long-term revenue. Plus, the reporting and auditing features in Entity Management software means you are always alert to compliance in regards to accounts and, so you can avoid extra fees and expenses. Overall, it’s a cost effective method to streamline your management and ensure a higher quality of governance throughout your organization.