Business processes are underpinned by legal data. This might be legal agreement data, regulatory data or legal opinion data. Data is one of the most valuable assets in any business and is core to achieving strategic goals. However, data is of little benefit if it is not collected and collated in an efficient and useable way.
Financial institutions have long understood the importance of the client and transaction data domains. The legal data domain has been overlooked, but brought to the fore by the 2007-2008 Financial Crisis. Through regulation such as BCBS239 (Principles for effective risk data aggregation and risk reporting), Recovery & Resolution, Liquidity Reporting and Margin for Uncleared Derivatives, firms have been forced to address the management of legal data. This however, misses the resource management and optimisation opportunities offered by legal data governance and management.
At D2LT, we have assisted our clients across a number of industry verticals with the recognition of the importance of the legal data domain, aiding in the process management and data governance so that they can drive business and operational efficiencies to unlock business value.