Financial institutions and globally acting corporations are operating in a highly regulated and litigious environment, potentially exposing them to liability and other costs, the amounts of which may be difficult to estimate.
On the back of increased regulation and supervision, regulators, counterparties, and others have sought to subject financial services providers to increasing responsibilities and liabilities. As a result, financial institutions or organizations need to devote additional resources to address these requirements and their exposure to legal risk such as litigation or regulatory proceedings has increased.
Deficiencies in reporting legal risk may cause additional legal exposure such as publication of misleading financial information can be a criminal offence or result in enhanced scrutiny and enforcement of disclosure by authorities.
Framesoft Legal Matter Management (FLM) is the case matter management and tracking tool designed specifically for Legal & Compliance departments of financial institutions and globally acting organizations.
With FLM attorneys and support staff have direct, immediate access to the information needed to manage their matters / cases on a day-to-day basis.
FLM comprises an integrated platform for covering the complete Legal Reporting process cycle:
- Periodical requests for Corporate Legal wide Legal Matter / Case / Issue Reporting
- Regional / Divisional initiation of the Legal Reporting process cycle
- Creation / Update of Legal / Compliance Matters by designated members of staff
- Local workflow / approval support
- Regional / Divisional Quality Check and delivery to Corporate Legal / Compliance Department
- Corporate quality checks, consolidation, and Management Reporting
- Generation and submission of reports (Auditors Report, Management Report, Financial Reporting etc.)
In FLM any matter types can be setup and managed, such as e.g.,
- Litigations / Non-Litigations
- Regulatory Matters
- Subpoenas
- Internal Investigations
- Complaints
- Compliance specific types (such as audits, regulatory affairs, etc.)
- Any other Matter types
FLM supports the regional entry / search / tracking and reporting of Legal or Compliance Matters in the process of creating reports of selected matters and supports the workflow of these reports (tracking of reporting responsibilities).
All Matters are entered into the FLM via standardized (region specific) entry forms with a predefined set of matter types & fields such as e.g., Keyword for Matter, Executive Summary, Status of Matter, Amount claimed by Counterparty / Remedy sought, Open & Close Date, Legal Entity involved, Business Unit involved.
In addition all required functionalities for managing matters efficiently are provided such as:
- Global / Regional / Divisional Matter Setup consisting of a core setup (corporate requirements) and a freely configurable setup (regional / divisional)
- Role based assignment & presentation of matters
- Collaboration (Business / Legal / External Counsels)
- Intuitive presentation of related information
- Tool tip based support in entering relevant information
- Matter History (audit trail)
- Export (MS Word / EXCEL / PDF)
- Matter Copying & Transfer of matter
- Documentation (Document Management capabilities) – matter related documentation can be accessed directly
- Workflow support for periodical matter reporting / approval
- Matter Linkage
- Personal notes / comments
- E-Mail Reminder can be created and send out to selected recipients once or regularly
- Key Risk Indicators (KRI) – dynamic set of Key Risk Indicators allowing to analyse the main risk areas
- Matter related Budget Planning versus Budget Consumption
- Financial Matter Risk Management supported
- Tight integration with Framesoft Resource Management (FRM) for matter related time reporting & e-invoicing for external counsel involved
- Powerful & intuitive reporting & analysis capabilities
FLM is seamlessly integrated with Framesoft Document Management (FDM). Besides the description of the matter itself, access to all documents related to a matter is a key prerequisite for efficient matter management.
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