Do you have immediate access to accurate data on your organisation’s legal entities? Legal entity management involves the administration of a group’s legal entities, keeping group legal entity structures and director appointments up-to-date, and organising all entity-related legal documentation.
As businesses grow, merge or enter new jurisdictions, compliance in legal entity management becomes increasingly complex. Manually collecting and tracking legal entities demand considerable effort and coordination.
The entity-related documentation includes the deed of incorporation, articles of association, bylaws, deeds of share transfer or issue, permits, certificates, business licenses, insurance policies, and contracts, as well as the legal entity’s financial accounts, shareholders’ and board resolutions, powers of attorney (PoA’s), letters of comfort, and other corporate records and filings.
Reports show that 89% of businesses struggle to manage their legal entities. Some legal departments even rely on their tax or treasury department for managing business-wide legal entities. This implies challenges in coordination (where is the single source of truth?) and increase business risks (employees relying on outdated sources). A legal entity management solution integrated with one or more other core processes prevents mismatches.
An integrated legal entities management solution such as Weagree automatically tracks all entities, their related information (critical governance activities), and is accessible by multiple departments, saving both time and effort. Obviously, access rights can be restricted based on user profile or corporate authorisations.
Weagree’s legal entity management keeps track of all entity-related information – all in one place. If Weagree is integrated with SharePoint, then all such documentation is stored there.
With one click, Weagree users get their answers to essential questions such as:
Weagree’s legal entity management also gives one-click access to all details on:
…and any metadata as you may determine. Weagree’s entity management is configurable to fit your specific needs, your specific industry or business.
Also, the legal entity management is fully integrated with Weagree’s tasks management and allows you to configure automated notifications for legal entity-related deadlines and expiry dates, as well as tailored user-defined notifications. Your notifications may remind you for:
Notifications can also be sent in relation to expiring certificates, annual accounts uploads or any custom notification as a user may define (see below).
It is not only a repository of your entity data; it’s a forward-looking solution to manage your global compliance risks and gain real-time governance reporting for your global subsidiaries.
All features and options available to your own legal entities are also available in connection with your other parties: suppliers, customers and partners.
Is creating an org chart a hassle? Selecting the right entities to be included, filtering out negligible entities, trying to include entity details and painting all entities according to the level of control, takes a lot of time when done manually. If shareholdings in the corporate structure change and updating is needed, you can do it all over again. Even if you like the creativity, manual org charts are probably not your preferred work.
Weagree’s advanced org chart creator allows you to automatically generate a customisable chart of legal ownership structures in connection with any legal entity, whether they are your own entities or counterparty entities. With advanced legal entity management tooling, it takes only one click to create high-quality (snap-to-grid) org charts.
The ‘scope’ of the org chart can be expanded or limited. For example, it can be filtered for user groups, organisational units, geographical area, entity type or level of ‘control’. To recreate the org chart for any future changes, the org chart scope-settings can be saved. This makes it easy to adapt to acquisitions and divestments of group companies or participations.
Some user-friendly features include:
With Weagree’s fully integrated party database, you always work with up-to-date, accurate data and documents.
If you already have a legal entity management solution, Weagree offers an automated data migration service, enabling you to import the entire corporate housekeeping dataset into Weagree. And, of course, because Weagree’s entity management is fully integrated with both contract automation and CLM, the same migration tooling enables you to import not only the legal entity data but also all data of all contracts of each imported legal entity.
Entity management must be straightforward and user-friendly. Simplify your legal processes, work intuitively, and be supportive of your goals.
