Managing and controlling information is critical to any business. Sharing and retrieving information about your business entity – and knowing it’s the right information – is essential to succeed. Entity management software leverages modern technology components such as document management, workflows and service oriented architecture to retrieve and manage a company’s entity information.
An entity – in legal terms – is an organization that can bear responsibility and more significantly, enter into contracts. As the escalation of legal requirements and business entity reporting grow from government and standards bodies, such as Sarbanes Oxley’s Internal Control Reporting requirements (section 404), companies are being forced to invest more time in managing all of the entity’s information.
Business entities generate a lot of documentation, reports and other media in the course of normal operations. Many of these documents, from meeting minutes to annual tax filings, are reported to the public and shareholders, creating issues for corporate secretaries and executives overseeing the flow of information in and out of the company. Entity management software manages the flow of information by incorporating approval workflows to validate if content should be released along. Versioning controls ensure the right version of the document is released. The bottom line, entity management software can save money by reducing the costs associating managing entity information.
Along with the management of information comes the need for information management during a legal discovery process. In the event of a legal entanglement, a company will be required to preserve information relevant to the suit. The retention of this information is defined as Legal Holds and is initiated by communications from legal counsel. Not managing the retention information represents a significant liability. Legal holds software can track retention on e-mails, multi-media formats and meeting minutes, along with a host of other discoverable items. The value of the software is the visibility of all discoverable items, its current release state and the disposition of the item during the discovery.
Further, in-house legal staff and external legal firms can take the next step by implementing Matter Management software. Companies are faced with a multitude of legal happenings from contracts and ethical complaints to court cases and mergers. Legal management teams need an oversight tool to manage the disposition of each legal matter facing the company or being served by a legal firm. Matter Management software provides the full featured approach of modern project management to the legal management.
![[Valid RSS feed]](http://www.archivedarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites