SOME COMMON CHARACTERISTICS AND CHALLENGES OF BANKS AND FINANCIAL SERVICES COMPANIES:
- Need to handle multiple operations with a unified solution. Large financial institutions are not limited to handling transactions or litigation; they also have deep compliance needs that vary with geographical region. Attorneys within these groups may also be assigned to trading desks, or may manage claims, negotiations, and compliance with regulations such as Dodd-Frank. Mitratech’s legal management solutions maximize operational efficiency, serving each of these groups through a centrally managed solution.
- Need to simplify the systems landscape. Financial institutions have historically allowed internal divisions to select their own technologies, creating a fractured systems landscape unable to fully leverage valuable information assets. To compete today, banks and financial groups must compile a tremendous amount of data, then allow legal business users to make the strategic decisions necessary to become true partners to the rest of the organization. Mitratech provides a central hub for reporting and analytics, giving financial organizations the tools they need to succeed.
- Require a framework for vendor negotiations. The matter types that banks and financial organizations deal with tend to be highly volatile, making it difficult to keep matters in house. In the past, extensive outside counsel touchpoints led to increased use of alternative fee arrangements (AFAs) to fit individual matter profiles while controlling spend – but attorneys negotiating AFAs often lacked the structure to enforce the terms of engagement. Mitratech’s robust AFA solution originated with our financial services and banking clients, so it takes into account complex vendor negotiation needs.
To learn more about how Mitratech helped Genworth Financial address regulation compliance, download the case study.
Contact us for more information on how Mitratech helps banks and financial services companies around the world meet their legal and compliance goals.