Company Law and Corporate Governance – The Importance of Planning
Have you ever been so overwhelmed with your everyday assignments that you have no idea as to where to start? Dealing with multiple assignments and deadlines at once can increase the risk of missing important aspects of one’s work that otherwise would not be overlooked. At some point this can happen to anyone and can be perilous, especially to those working in legal field, where deadlines, whether internal or statutory, and the attention to detail are of crucial importance. Indeed, the consequences for missing such deadlines may expose the company to liability and potential damage.
Being attentive, alert and razor sharp at all times is difficult to achieve, so we use tools to help us stay organized and up to date with our everyday assignments or special projects. Notebooks, spreadsheets, calendars – all play a vital role. However, there is only so much that one can squeeze in their calendar and looking for notes written down on a piece of paper weeks ago can be cumbersome exercise.
Smart digital solutions attempt to tackle these problems more efficiently. In the corporate law and governance fields, entity management systems have been helping organizations with multiple subsidiaries maintain their corporate statutory information for years now. Yet, until recently, most of them have not (or only partially) addressed the maintenance of corporate processes and tasks, which lead to statutory compliance of those entities. Therefore, having a comprehensive digital tool for such purpose would take the corporate legal maintenance of an organization to a whole new level.
Mercator by Citco has over 12 years of experience in providing corporate secretarial services to multijurisdictional portfolios of entities. This has helped us identify and implement three main features into our proprietary technology Entica™ to help our clients plan and track their work. These are – the ability to make requests, track the status of these requests and receive notifications when there is an update.
A request made in Entica™ essentially replaces the most commonly used form of business communication – an email. Moving away from the use of emails, if set up correctly, offers several advantages in terms of planning and organizing one’s work. Firstly, it enables the client to log the request and conveniently retrieve the information as and when necessary. Secondly, the specific format of the request guides the user in the right direction in terms of the information required to proceed with the assignment. Finally, it provides an easy to follow trail to backtrack from once the assignment progresses, deviates from, or expands on its initial scope. This limits the relentless back and forth to clarify the scope or share information and ultimately results in an inbox with fewer emails, which, most would agree, is a welcome sight.
In terms of planning, it is equally important to track the status of assignments and action items once the request is made. Therefore, the ability for the Entica™ user to access and check the task status at any given moment in time becomes the natural continuation of the request. This high level overview paired with the exact status of each task helps identify the next step needed to progress, along with the party responsible for such step. This becomes particularly convenient for those working on multiple legal assignments simultaneously and having limited time to extensively revisit them once there is an update. Notifications help keep clients aware of the status of the request and allow them to take the necessary action or receive information in a timely manner.
When it comes to planning and organizing the work, making the move from notebooks and spreadsheets to smart digital solutions greatly enhances the transparency. It becomes easy to locate the information necessary when all the work is recorded and organized in one tool designed for such purpose. It also increases accessibility – Entica™ can be accessed anytime and anywhere through the internet. Lastly, Entica™ provides control, as it enables the clients to oversee every aspect of their work accounted for.
Technology plays an essential role in today’s business environment. Corporate law and corporate governance is no exception. Embracing the technology keeps us ahead of the curve in tackling the present and future challenges in this increasingly regulated and ever evolving field. To find out more about Entica™ check out our introductory video or request a demo.
Senior Legal Team Manager, Mercator by Citco, Citco Mercator, UAB