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 need to devote additional resources to address these requirements and their exposure to legal risk such as litigation or increased regulatory proceedings.
In addition, deficiencies in reporting legal risk may cause additional legal exposure such as publication of misleading financial information, which 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).
Framesoft Legal Matter Management (FLM) is a powerful matter management and tracking tool designed specifically for legal departments of globally operating corporations. With FLM attorneys and support staff have direct, immediate access to the information needed to manage their legal matters on a day-to-day basis.