The Keylight® Platform
for the Legal Industry
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The following is an excerpt from the full data sheet.
As law firms attract more regulatory scrutiny, they need a modern, automated approach to manage client audits, mitigate organizational risks and demonstrate regulatory compliance.
After years of helping corporate clients comply with evolving regulations, law firms have in recent years become subject to increasing scrutiny. Firms are being challenged to comply with regulations their clients must follow. As a result, the legal sector has gone from being one of the least regulated industries to having a multitude of different guidelines to follow.
Most law firms lack the internal infrastructure and mature business processes to handle the relatively new responsibilities of compliance, risk, and audit management. They rely too heavily on physical documents, spreadsheets and shared drives to store and manage client data.
These disparate sources of information hinder the process of responding to client risk assessments and preparing for audits. This approach also puts client data at risk of being breached, which endangers the trust on which all attorney-client relationships depend. And relying on manual processes wastes time and money, and diverts resources away from revenue-generating tasks.
The legal industry needs more efficient and effective methods to achieve objectives based on policies and international operational standards, control and manage threats that can disrupt its business, and ethically demonstrate compliance with laws, regulations and client directives.
This can be achieved using a governance, risk management, and compliance (GRC) solution, like LockPath’s Keylight® Platform.
A GRC approach helps businesses and organizations run more efficiently and deploy their resources in a manner conducive to their business goals. It centralizes information and provides greater visibility across an enterprise. It allows an organization to better manage all facets of compliance, risk management, and audit programs.
The Keylight Platform enables law firms to efficiently and effectively manage client audits, mitigate organizational risks, and demonstrate compliance by offering the following benefits:
- Reduces time spent on risk management, compliance activities, and audit preparation and execution by centralizing all documents and activities
- Automates business processes to increase program efficiency and effectiveness
- Simplifies data gathering through a central repository of previous questions/answers
- Breaks down communication silos while increasing collaboration between departments