VeriComply and its partners are exploring the latest trends and thinking about how our customers can anticipate future compliance needs and how we can improve our new products with developments in technology, business practices, and the law.
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Effective Compliance Verification: Optimizing Compliance with Access to Data and Documents
In today's business and regulatory climate, companies are required to verify compliance for financial audits by CPAs, due diligence requests from capital providers, demands from regulators and multiple contractual requirements. While most companies have effective data based systems to manage their operational and financial data, few have an effective system to manage document-based compliance obligations. This results in higher costs and risks to both the company and its executives and directors. Incremental changes to a company's business processes can reduce compliance costs by as much as 44%--while they also reduce overall compliance risk. Six distinct steps are required today for almost every company to verify compliance for document-intensive processes: 1) capture documents, 2) organize documents, 3) extract data, 4) verify data, 5) analyze data and documents, and 6) respond. Learn how companies can measure progress in implementing an effective compliance verification system using six building blocks. The greatest improvements are achieved by aligning document and data management practices for subset of corporate information that is high risk/high value.
Board of Directors - How Much Access is Enough?
The risks of serving on the board of a public company have never been greater. Directors face the risk of peronal liability under state corporate law, Federal Securities laws and Sarbanes Oxley. To mitigate this risk, directors are spending a large portion of their time on compliance issues rather than on strategic issues. They are forced to look backwards at legal and compliance obligations rather than forward at strategic opportunities and threats. The result? It is harder to recruit talented candidates to serve on boards, it is less enjoyable to be a director than it used to be and the corporations don't get the benefit of the wisdom of its board focused on strategic issues.
Rethinking the Nature of Legal Services
According to Richard Susskind, a leading consultant on law and technology and the author of the recently published The End of Lawyers? Rethinking the Nature of Legal Services, the long anticipated paradigm shift in the nature of legal service has arrived. Susskind describes the "overriding imperative" that is reshaping the legal landscape: the need to do more for less. General Counsel in today's economy face relentless pressure to cut their internal staff, reduce spend on external counsel and to find ways to comply with ever increasing regulatory and legal demands. The traditional legal services model is incapable of solving this dilemma of more legal services for less money. While information technology is the logical solutions, the in house legal department typically lacks the expertise or budget to implement the needed systemic changes. Further, the trusted service providers to the General Counsel, law firms selling customized services by the hour, lack the incentive to invest in technology that radically enhances efficiency.