Getting Started with Global Entity Management & Compliance

Global entity management is an integral aspect of governance for large corporations. It can be costly, time-consuming, and overwhelming if you do not use ... Skiptocontent Globalentitymanagementisanintegralaspectofgovernanceforlargecorporations.Itcanbecostly,time-consuming,andoverwhelmingifyoudonotusethebeststrategiesandtoolstoorganizeeverythingyouneedtotrackandmakeitavailabletotheappropriatepeople. GettingStartedwithGlobalEntityManagement&Compliance Centralizecompliance,regulatoryfilings,andrecord-keeping Decentralizedcompliance,regulatoryfilings,andrecord-keepingisadisasterwaitingtohappen.Decentralizationcanalltoooftenmeandisorganization.Missingregulatoryfilingdeadlines,ignoringcompliance,andsloppyrecord-keepingatbestwillslowyourbusinessgrowthandatworstcanactuallythreatenthehealthandfutureofyourbusiness. Bycentralizingallcompliance,regulatoryfiling,andrecord-keepinginonecentralsystem,youcanensurethatyouremployees,corporatesecretaries,paralegals,directors,andothershareholdersknowwhatneedstobedonewhenandhavethetoolstoexecutetheirbusinessfunctionsattheirfingertips. Asthatinformationisupdated,peopleindifferentdepartmentsmayneedtoaddandeditdocuments.Thetrickypartistolimitthosedocumentstothespecificpeoplewhoneedtochangethemandnotallowotherstoeditorevenaccessthem.WithGovendaboardportalsoftware,threeadminslevelsenableorganizationstoimproveefficiencywhilecontrollinghowmuchinformationadministratorsofGovendacanview. Separatethedataintocategoriesofwhichgroupsofpeopleneedtoaccessthemandforwhatpurposes.  EstablishingaGovernance&ComplianceProgram Thecompliancedepartmentfocusesonpreventingviolationsofexternallawsandregulationsandmaintainingthecompany’sinternalstandardstoprotectthecompanyandavoidbeingharmedbywaste,fraud,andabuse.Complianceofficersneedtoaccessrecordswhenreportingtoregulatorybodies,whethertheyaregovernmentalorindustry-specific,andwhenreportinginternallyonpoliciesandprocedures.Consequencesfornotstayingincompliancecanrangefromsmallfinesandsanctionsuptoimprisonment,butawell-maintainedcorporatecomplianceprogramwillbeacrucialdefenseifyourcompanyhaslegalissues. ComplianceforMultinationalCorporations Complianceismorecomplicatedformultinationalcorporationsdoingbusinessinmultiplecountrieswithvaryingregulations,particularlysinceregulatorsbecamemoreaggressivefollowingthe2008financialcrisis. Formultinationalcorporations,itmaymakesensetocategorizerecordsbywhichcountryrequiresthem.Makesureit’sevidenttothosewhohandleyourdata,bothinthehostcountryandinthehomecountry,howitisorganizedandwhethertheymayneedtoupdaterecordsformorethanonecountry. SecureAccesstoEntityInformation Thecompliancedepartmentworkscloselywiththegovernancedepartment,whichpartnerswithittominimizethecorporation’srisklevel.Thegovernancedepartmentimplementscompanyleaders’plansforpoliciesandstructures,andittriestoheadofffuturerisks. Othergroupswhoneedtoaccesspartsofthedatayouoverseeindependentlyareseniormanagementandtheboardofdirectors.Theseleadersareresponsibleformodelinghighstandardsandintegrityintheworkplace,promotingthosestandardstoeveryoneelse,andmakingsuretheyaddressanyissuesswiftly. Membersofyourmanagementteamwillneedtoaccessandeditdocumentsrelatedtodailybusinessactivities,theorganization’soverallstructureandanychangestoit,andinternalproceduresandreviews.Theymayneedtobeinvolvedincoordinatingreportsfrommultipledepartments. Theboardofdirectorsneedsaccesstodocumentstounderstandhowthecomplianceprogramisrunning,andwhenthereisapotentialcomplianceviolation.Itshouldbeempoweredtoaddressissuesbeforetheybecomemoresignificantproblems.Inaddition,theboardgeneratesitsowndata,suchasmeetingminutes,thatneedtobeavailableformembersandforotherswhoneedtoreviewandimplementtheboard’sdecisions. LeverageTechnologyForCompliance Technologybringsordertosubsidiarymanagementchaos.Butnotjustanytechnology.Technologyinandofitselfcancausemoreproblemsthanitsolvesifnotleveragedappropriately.Ifyouareconsideringmovingtoorupgradingyourentitymanagementplatform,makesureyouaccuratelyassessyourneedsandwantsbeforesigningonthedottedlinewithavendor. Youwantasystemthatmeetsyourentity’sevolvingneedsforgovernance,complianceandrecord-keeping.Integrationisimportant,asyouwanttechnologythatwilleasilyworkwithsystemsthatyoualreadyhave. Whenyoulookforboardportalsoftwarethatwillhelpyoutrackyourdata,lookforasecure,flexible,user-friendly,andconvenientsystem.Keepinmindtheneedsofthedifferentconstituencieswhowillusethesoftware.YourITprofessionalsshouldtestittomakesureitisexceptionallysecure.Youwillwantastateoftheartenvironmentwithdedicatedservers,backupsites,anddataretentionfeatures. Whenshoppingforasolution,makesureyoulookatthecostsavingsofusingaboardportalversuspaperormorecomplexsoftwaresolutions.Globalentitymanagementisessentialforeverycorporatesecretary,butitdoesnotalwayshavetobecostlyandtime-consuming.ByusingaboardportalsolutionsuchasGovenda,youcansavebothtimeandmoney. Govendaisbuilttohelporganizationstomitigatethegovernanceandcompliancerisksinherentingoverninghighlyregulatedorganizations.Govendahelpstoimprovegovernancetobetterensurecomplianceandenhancedecision-making.StartaconversationtodaytoseehowGovenda’sboardmanagementsoftwarecanhelpyourorganizationmovetowardsmoreseamlesscompliancemanagement.  Popular Recent BoardMeetingMinutesTemplate December27th,2018 ImpactInvestingSetstheToneforOurFuture February17th,2021 TheFourCoreElementsofEffectiveBoardMeetingMinutes November4th,2020 BoardCompositionandEvaluation April7th,2022 BoardsofDirectorsandCybersecurity March31st,2022 BoardEvaluationsandSelf-Assessments March24th,2022 SubscribetoWeeklyGovernanceInsights! RecentTweets TweetsbyGovendaHQ Readytogetstarted? SchedulealivedemoanddiscovertheGovendaDifference. ScheduleDemoInterestedinLearningMore?Readthelatestboardgovernanceresourcesfromourblog. GovendaAnnouncesNewSoftwareRelease GovendaAnnouncesNewSoftwareRelease GovendaAnnouncesNewSoftwareReleaseSeptember8th,2021|PressReleases|GovendaAnnouncesNewSoftwareReleaseGovendaSurveyAnalyticsincludesnewdatacollectionandreportgenerationcapabilitiesthatstreamlineprocesses,savingboardadministrators’time.PITTSBURGH,PA-September8,[...] BestPracticesforImplementingBoardOversightFramework BestPracticesforImplementingBoardOversightFramework BestPracticesforImplementingBoardOversightFrameworkAugust4th,2021|Whitepapers|BestPracticesforImplementingBoardOversightFrameworkKeepYourBoardUptoDateonRiskOversightExpectationsWhiletherearenoone-size-fits-allsolutionstoimplementingagovernanceand[...] 10TipsforaMoreEfficientandEffectiveBoard 10TipsforaMoreEfficientandEffectiveBoard 10TipsforaMoreEfficientandEffectiveBoardJuly8th,2021|Whitepapers|10TipsforaMoreEfficientandEffectiveBoardTipsandBestPracticestoImproveyourBoardTheleadershipexpectedfromboardsofdirectorsisincreasing.Buildinga[...] ReimaginingBoardGovernance ReimaginingBoardGovernance ReimaginingBoardGovernanceApril7th,2021|PressReleases|ReimaginingBoardGovernanceUpgradesandenhancementsforstress-freemeetingmanagementAtGovenda,everythingwedorevolvesaroundsimplifyingboardmeetingsforourclients.Ourboardportalsoftwareispowerful[...] Likethiscontent?Pleasetakeaminutetoshare! 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