In a traditionally ‘risk-averse’ profession, innovative law firms and legal departments who embrace Legaltech are reaping the benefits – both for themselves and their clients.
Demands from legal services are continuing to rise, as a result many law firms are being forced to standardize and optimize the delivery of their high-value services. Legal departments are also facing increased pressure from within the organization to do more, with the same or less resources, undertaking new responsibilities and continuing to contribute as a business partner to the organization’s strategy.
In response to these pressures, the legal sector is seeking to optimize their function and services, developing digital transformation strategies that align with the wider organization objectives to optimize processes, workflows and service delivery.
Consistent Delivery of Risk services with an Enterprise Risk Management platform
One of the most popular use cases for LegalTech adoption is Risk and Compliance. AuditComply has seen an increase in legal teams proactively looking to buy, or build solutions that enable global delivery of Legal Risk and Compliance services in a user-friendly format. Underpinned by technology platforms, the right Enterprise Risk Management (ERM) solution should provide real-time reporting of asset performance, regulatory compliance management and risk monitoring. Highly regulated industries, particularly in financial services, are seen to be taking the lead in exploring and adopting these solutions.
According to Law Society, any law firm that embraces LegalTech gains a competitive advantage. LegalTech is making risk and compliance management more efficient and cost-effective for both organizations and their clients. ERM platforms free up time for lawyers to rethink their operating model, become more connected to other departments and contribute to creating strong value within the organization. The legal industry’s core mission of risk mitigation and compliance management involves a number of time-consuming administrative tasks, leaving little time to focus on innovation, strategy or value creation.
AuditComply and Weightmans LLP Partnership
AuditComply recently announced its partnership with Weightmans LLP. AuditComply’s integrated risk management solution is empowering their risk and audit professionals with the knowledge, technology and support needed to continue innovating and growing their risk management and prevention services.
Read more about the partnership here.
Going Beyond Risk Management and Compliance To Become More Value Driven
(AuditComply Risk Matrix)
Managing risk plays a part in almost every organization, from providing a safe working environment for employees to investing in the latest software that will protect valuable data. Unfortunately, things do occasionally go wrong and the human, commercial and reputational repercussions can be devastating. Weightmans’ risk management services offer an end to end risk management package which helps identify potential risk to your organisation, providing swift, effective management should a crisis occur, and a post-crisis review to highlight lessons learned.
AuditComply is an Enterprise Risk Management platform. An integrated risk management solution revolutionizing the way enterprises manage, analyze & report on critical risk. AuditComply operates in highly regulated industries such as Automotive, Aviation, Food & Beverage, Oil & Gas, Finance, & Manufacturing with key fortune 500 clients situated throughout the UK, EU, US, Middle East and Asia Pacific regions.
(AuditComply Dashboard, Audit Report and Mobile Application)
Since its launch in 2014, AuditComply has revolutionised traditional critical risk, audit and compliance programmes. Through their most recent Enterprise Partnership with Weightmans, the platform is able to provide an innovative, fresh take on risk and compliance assessments, allowing Weightmans to bring together its regulatory governance systems, documentation and supplier management processes within one software platform with enhanced organizational visibility and transparency.
“Cyberattacks, increased compliance requirements and heightened regulatory scrutiny are introducing unanticipated risks for law firms. Our partnership with Weightmans demonstrates their proactive approach to identifying modern day risks and actively implementing controls to limit their risk exposure” said Susan Fitzsimmons, Chief Business Development Officer at AuditComply. “Combining the power of AuditComply’s integrated risk management platform with Weightmans’ expert knowledge, will transform how the team at Weightmans and their clients manage, analyse and report on risk. Together, AuditComply and Weightmans will empower users to streamline and automate their risk management initiatives to drive better business outcomes.”
Stuart Whittle, Director of Business Services and Innovation at Weightmans, added:
“As a large organisation with access to sensitive data and responsibility for hundreds of people, it is crucial that we have systems in place which protect our brand, our employees and our clients from risk. This partnership with AuditComply reinforces our commitment to becoming a truly tech-enabled law firm – it will not only ensure that we are well equipped to deal with our own exposure to risk quickly and effectively, but that we can take a streamlined approach to assisting our customers with their own responsibilities and obligations.”
The reinvention of the traditional risk management process by AuditComply has transformed and improved the ability for organizations to manage and report on critical risk. Using smart asset management capabilities and issue management workflows, organizations are able to map their entire risk and prevention program on the platform. Aggregating key risk data across their business assets to encourage better and more precise information management and reporting.
Growth and value creation is achieved with AuditComply, a platform that leverages automation, bespoke workflow creation and advanced analytics to provide a more streamlined approach to Enterprise Risk management. AuditComply is shaping the Legal function of the future.