Deloitte has launched a new corporate entity management solution that is designed to help organizations improve their Governance, Risk, and Compliance (GRC) posture. According to Deloitte, corporate entity management is becoming more complex and challenging due to the increasing number and diversity of legal entities, the evolving regulatory environment, and the heightened risk exposure. Organizations that fail to manage their corporate entities effectively may face legal, financial, and reputational consequences, such as fines, penalties, sanctions, lawsuits, and the loss of business opportunities.
Entity Management is part of Deloitte’s Legal Management Consulting (LMC) offering, which aims to help organizations transform their legal function by leveraging technology, process optimization, and alternative delivery models. Entity Management is built on Deloitte’s myInsight platform, which is a secure and scalable cloud environment that hosts various Deloitte solutions and tools.
Among the features and benefits of Entity Management are an interactive dashboard that provides a comprehensive view of corporate structure and compliance, a cloud database for storing entity-related data and documents, a compliance calendar with automated reminders, e-signature functionality for secure document signing, dynamic organizational charts for visualizing relationships, and end-to-end project management capabilities for activities like entity formation and dissolution, thereby improving productivity and organization in corporate management.
Deloitte claims that Entity Management can help organizations achieve better compliance outcomes by reducing costs, risks, and errors; increasing efficiency, transparency, and accountability; and enhancing data quality, security, and accessibility. Deloitte also asserts that Entity Management can help organizations create value by enabling strategic decision-making, facilitating business transactions, and supporting growth initiatives.
Deloitte has already deployed Entity Management for several clients across different industries and regions. Deloitte plans to continue developing and enhancing the solution by incorporating new features, functionalities, and integrations based on client feedback and market demand.
