The big risk management challenge
The role of Legal is changing. No longer is it solely about helping the company understand the law, drafting legal documents or conducting litigation.
Legal needs to be proactive in managing risks to protect company and shareholder interests. But to fulfill that role, you need a structured way of collecting the legal data to identify, track and report on those risks.
If the data is hidden in contracts on hard drives, policy documents sent by email or manually updated spreadsheets, then it is impossible to effectively assess risks and mitigate them.
The small but powerful effacts solution
effacts enables Legal to manage risk efficiently, combining legal expertise with a structured approach to collecting relevant data. Your dashboard will give you a simple solution to identify legal risks, shape your organisation’s appetite towards them, control their impact and report on them.
Five ways you can put effacts to good use in managing legal risks
1. Get a clear picture of the framework of entities, business units and employees affected by risk
To effectively manage legal risk, you can use effacts to give you a visual overview of your group companies, organizational units and stakeholders.
2. Assess risk levels to prioritise key risks
If you need to make sure you’re addressing the most important risks, effacts allows you to prioritise your actions according to risk levels.
3. Collect relevant data in a structured way
Collect the facts you need to identify areas of risk according to predefined rules across legal domains: including claims, contracts and compliance.
4. Set controls and mitigation according to your risk appetite
Set alerts and reminders for critical events like contract renewals, filing deadlines and compliance policies.
5. Review and communicate results
Create reports to track your risks and communicate to management teams.
The transformative effect of effacts
effacts helps you take a data-driven approach to legal risk management, helping you protect the business from threats and communicate opportunities to create value to management sooner.
Download the complete use case