EY legal operations and legal managed services allocate the right people, powered by technology, to the right tasks with the aim of cost efficiency and effectiveness.
Constant regulatory changes are forcing financial institutions to focus on compliance issues rather than exploring new business and growth opportunities. This trend is driving a search for innovative ways of sourcing legal services efficiently and cost effectively.
We have developed legal operations and legal managed services to take some of that pressure away, allowing you to focus on driving your business forward.
We provide financial institutions with state-of-the-art technology, experienced legal business advisors and the flexibility and scalability they need to address business challenges.
We can support you by delivering value cost-effectively through a flexible, tailored approach based on industrialized processes and digitized services.
By teaming your existing systems with our cutting-edge technology, knowledge and experience, EY legal operations and legal managed services offer a new way of efficiently handling many high volume and repetitive business processes, at a lower cost, while sophisticated management information tools mean you can stay ahead of the curve on the applicable laws, regulations, and supervisory expectations.
Our services include:
Legal Managed Services
EY legal managed services (LMS) is an umbrella offering that provides technology-enabled support, including automation for high-volume repetitive or event-driven legal work (where permitted by law). LMS offerings are delivered in close collaboration with professionals from across the various service lines and practices. Core LMS offerings (where permitted by law) are described below.
Entity compliance and governance
We assist multinational companies in meeting their legal entity obligations efficiently and cost-effectively on a global scale. Service is facilitated by professionals in more than 140 countries. Sample services include:
- Corporate secretarial health check and advisory projects
- Perform health checks and transformation reviews
- Assess program design, governance model evolution and risk-based categorization of subsidiaries
- Conduct governance analytics, diagnostics and benchmarking• Routine compliance activities
- Coordinate entity changes
- Assist with documentation of incorporations and dissolutions
- Administer and update corporate information database
- Annual compliance activities
- Facilitate annual statutory filing requirements to maintain an entity’s legal good standing
- Update legal entity data and organization charting
Contract lifecycle management
We leverage technology and refined processes to help organizations turn contracting and obligation management into a business differentiator, including reducing the time to contract.
Sample services include:
- Contract strategy, creation and execution
- Design of terms, conditions, policies and playbooks
- Development of template standards and clause libraries
- Standardization of contract processing and risk review
- Contract storage and retrieval
- Physical and virtual storage
- Data abstraction
- Obligation and risk monitoring and management
- Performance to service levels and milestones
- Compliance with key terms
- Deviation analysis and ongoing risk identification, notification and alert
Research and regulatory mapping
Keeping on top of constant legal and regulatory changes and scrutiny is challenging even for the most diligent organization. We help organizations identify and meet their legal and regulatory obligations and manage business, operational and reputational risks associated with non-compliance.
Sample services include:
- Regulatory research and change management
- Identifying rapidly changing regulations and obligations and mapping these to business functions
- Assistance in identifying gaps in internal policies and help in establishing a compliance infrastructure to manage risks
- Research
- Insights on laws and regulations affecting businesses in jurisdictions around the world in which they operate so they can make informed business decisions
Document review and functional analysis
We help clients reduce the unnecessary burden of voluminous document review and gain greater control over costs and insights into key data impacting their business. After review, the EY teams provide consistency, helping to see that key information is surfaced so it can be leveraged going forward. We can also help to identify key learnings from matters and to implement business changes to mitigate future risk.
Sample services include:
- Substantive analysis of electronically stored data and repositories
- Review of data extracted
- Data redaction
- Foreign language capabilities
- Deviation analysis and risk review
Cross-border Online
Financial institutions face legal and reputational risks associated with the provision of cross-border financial services. Banks, investment firms and other financial institutions providing services and products from their home jurisdiction to other countries need a robust cross-border framework that defines market-specific requirements for products and services in each jurisdiction.
Establishing and maintaining an up-to-date cross-border framework poses particular challenges for financial institutions with a significant cross-border business. On a day-to-day basis, financial institutions must be able to provide clear, traceable and accurate guidance on whether, for instance, a relationship manager is allowed to offer a particular product to an existing client in a specific market. Financial institutions often rely on these country market manuals in a PDF or Word format, which do not always provide a quick and to-the-point answer.
EY’s services to manage complexity in cross-border banking is Cross-Border Online (XBO). XBO is a single integrated web-based tool that can be accessed globally and supports all stages of cross-border content generation. The tool provides an external interface through which end users can log in and access the content
Regulatory Radar
Challenge
- Overseeing regulatory developments is complex in a globalized, digitalized environment
- Managing relevant changes is crucial to prioritize and implement appropriate actions
- Identifying resources to secure license to operate
- Tracking changes from various regulators commits expensive resources to low profile routine tasks
Response
A central application to:
- Deal with new publications or changes from standard setters, supervisory authorities and courts
- Assess the impact on your institution and to ensure regulatory compliance
- Reduce costs and workload
- Improve the quality of your compliance function
