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Financial institutions and globally acting corporations are operating in an increasingly 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 in recent years, 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, in particularly in the U.S. 

In addition 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 (e.g. Sec. 408 of the Sarbanes-Oxley Act).

The Framesoft Legal Matter Management (FLM) is a powerful 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 provides an integrated platform for covering the complete Legal Reporting process cycle from:

  • 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.)

FLM is capable of setting up and handling all types of Legal Matters, e.g. such as

  • Litigations,
  • Non-Litigations,
  • Regulatory Matters,
  • Subpoenas,
  • Internal Investigations,
  • Complaints,
  • Compliance specific types (such as audits, regulatory affairs, etc.)
  • and any other 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 and region specific entry forms with a region / division based predefined set of matter types / matter fields such as Keyword for Matter, Executive Summary, Status of Matter, Amount claimed by Counterparty / Remedy sought, Open Date, Close Date, Legal Entity involved, Business Unit involved, Budget information, Disclosure Information and further more. In addition all required functionalities for managing matters efficiently are provided such as:

  • Global / Regional / Divisional Matter Setup / Issue Type – each matter type consists of a core setup for corporate requirements as well as freely configurable regional / divisional setup
  • Role based assignment & presentation of matters
  • Tab folder based presentation of related information
  • Tool tip based support in entering relevant information
  • “Matter History” feature provides a complete change history (audit trail) of matter
  • MS Word / EXCEL / PDF export – each matter and its details can be exported to MS Word Excel / PDF file
  • Matter Copying & Transfer of matter is supported
  • Attached Documents (Document Management capabilities) – all matter related documentation can be accessed directly
  • Workflow support for periodical matter reporting / approval
  • Matter Linkage functionalities are provided for managing relations between matters
  • Enter personal notes / comments for each matter
  • E-Mail Reminder can be created and send out to selected recipients once or regularly (daily, weekly, monthly, quarterly, immediately)
  • Key Risk Indicators (KRI) – for each matter a dynamic set of Key Risk Indicators can be selected, allowing the analysis of main risk areas 
  • Matter related Budget Planning versus Budget Consumption
  • Financial Matter Risk Management supported
  • Tight integration with Framesoft Resource Management (FRM) for matter / issue related time reporting & e-invoicing for external counsel involved
  • Powerful and intuitive reporting capabilities

FLM is seamlessly integrated with the Framesoft Document Management (FDM). Besides the description of the matter itself, access to all documents of any type related to a matter is a key prerequisite for efficient matter management. Therefore FLM and FDM are tightly integrated in each other allowing to access the matter related documents directly from within the matter.

Furthermore, this will also allow users to access matter related documentation without having access to the restricted matter information in FLM itself. In addition documents can be searched and checked in directly.