According to Brad Preber, National Managing Partner of Grant Thornton’s Forensic and Valuation Services practice, “Corporate counsel are facing a variety of new regulatory risks every day. In addition to industry-based regulation, there are concerns about fraud, ethical behavior and new threats such as data security.” This increasing level of risk has meant that the workload of the In-House Counsel is ever increasing and they are becoming more resource poor every day.
So how as Inside Counsel can get everything done more quickly while also ensuring your company is safe and secure?
One way to save time is to reduce the amount of time spent in endless back-and-forth and friction that comes with drafting, negotiating and obtaining requisite approvals for documents such as the following:
- Agendas for annual general meetings and extraordinary general meetings
- Minutes of meetings;
- Budget planning and approvals;
- Press releases and company announcements;
- Policy drafting and approval; and
- Report writing and approval
while maintaining systematic controls.
A top-notch document drafting and negotiation platform should do the following:
- Allow you to use dynamic templates that can be adapted for specific situation;
- Capture all communications and redlines within the system, guides negotiations and allow you to easily retrieve and follow these when required; and
- Provide automated multiparty workflow including e-signature approvals (wet signatures also available) so all those who are required to review and approve the document are automatically prompted to do so at the appropriate times. The signers also have the option of signing off using a wet signature if they should so wish.
The template controls will ensure you don’t waste time setting up documents and avoid typical mistakes with “cutting&pasting”. Having easily retrievable notes, redlines and drafts will ensure you will be in a good position and waste the least amount of time should a dispute arise or you are required to respond to a request by a regulator. What’s more, having a system that reduces the back-and-forth and friction by guiding negotiations allows you to have more time to do all the other things you need to do in your role including staying on top of the ever-increasing regulatory risks.
What are your thoughts? What do you demand from a document management and negotiation software system for corporate governance?
ContractRoom’s system may be a good fit for your negotiation and document process management for corporate governance (www.contractroom.com). To learn more about how you too can “negotiate less, agree more” schedule a live, free demo by clicking here: