For a group with many entities and operations in many countries it is a challenge to keep track of all legal risks throughout the group and how these change over time. As head of legal you require a structured process for making risk decisions, escalating issues and integrating with the risk management frameworks of the entire business. In addition, you need up-to-date information to ensure that all risks are managed properly and with the legal departments input.
You need to identify which legal risks have caused significant damage to the group in the past years and, with this information as a base, work out a plan for how they can be mitigated.
Legal risk information is important in order to meet compliance requirements, keep track of your litigations and to make proper provisions in the group. In addition, this information is the basis for communication to different stakeholders regarding the risk profile of the group.
The Legal Risk module allows your group to efficiently collect and structure legal risks and uncertain legal positions throughout the group and keep track of them over time. This includes each issue per entity, the type of risk and the underlying documentation to keep all information related to your risks in one place.
This will allow your group to make accurate assessments of the maximum liability and the risk level of the group which serve as a base for an efficient management and communication of your risk management framework.
With the legal risk module, you can both follow changes over time and between periods to follow trends and swings between periods in order to make accurate provisions in the group.
The module supports you by providing a tool for coordinating with external advisors and for keeping track of the costs of your external legal fees.
Quality of data is of great importance. Our solution has many in-built functions to increase quality and ensure that you are in control of the entire process. Furthermore, data can be collected at the source which secures the accuracy of the input.
Our solution is for everyone! With a flexible solution you can adapt to the needs of different organizations. The modular approach together with configuration and customization possibilities allows you to get a solution that is relevant for you.
A good user experience is key in our solution. We help both editors and process owners by providing simple and clear processes and functions to minimize administration. Our interface is simple to use and the same structure is recurring throughout all modules.
As everyone has been assigned with roles and responsibilities with tasks to perform, your organization will save a lot of time by automating the data collection process. The collected data is always up to date which avoids work being done twice.
Digitalization of head office functions – what does it mean? Join us for a digital meeting and we will talk about your company’s needs and where you can start a digitalization journey with all of your group’s head office data.