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How Legislate can ensure legal compliance in UK companies

Regulations are becoming more stringent, budgets are becoming more constrained, and the cost of compliance is rising. Meanwhile, entrepreneurs must concentrate on expanding their businesses while adhering to industry standards.

Compliance as a service (CaaS) software is an excellent solution to ensure businesses meet their regulatory requirements. CaaS providers frequently automate compliance with technical audits like ISO. This article discusses how contract management platforms like Legislate can assist organisations in automating legal compliance.

Compliance with GDPR

During the employee onboarding process, employers must show that their workers have read and understood the company’s privacy notice, GDPR privacy standard, and other rules. Legal software such as Legislate enables firms to provide lawyer-approved data protection documentation efficiently while demonstrating legal compliance. Employees are encouraged to evaluate and sign the data protection documents inside Legislate for the employer to meet their compliance obligations. Furthermore, businesses can maintain compliance by centralising all contract data and issuing new agreements as legal or regulatory revisions occur.

Managing Risk

Contracts allow parties to enter into legal relationships and control potential legal risks. It will be impossible for a corporation to conduct a legal risk assessment if it does not have a clear awareness of its contract conditions. The sheer number of contracts a business must handle explains the need for a contract management platform. Companies that track contract terms using traditional spreadsheets are putting their business in danger since contracts are evergreen. As contracts can be altered, broken, or renewed, causing spreadsheet data to be out of date. A better alternative is to employ contract management software, which serves as a single repository for all contracts in an organisation. A firm that uses contract management software to query and track contract terms is in a far better position to make comprehensive business choices.

How legal software is aiding compliance

CaaS and legal software solutions are part of the compliance environment. Businesses that employ cloud-based services can more readily automate their compliance since a CaaS provider can easily track them. Compliance as a service solution, for example, will monitor a company’s IT security, cloud provider location and data transfers, or compliance with specific legislation such as data protection.

Legal software, on the other hand, assists firms in embedding compliance into their contractual procedures so that contracts can be proven to have been signed. Furthermore, legal software assists firms in tracking the data in their contracts to manage legal risks and make better-informed decisions. Using a cloud-based platform like Legislate allows firms to solve compliance issues cost-effectively.

Businesses may use the cloud to establish lawyer-approved contracts and verify they were read and signed by the other side. Businesses may then track the data in their contracts to demonstrate, for example, compliance with gender pay gap standards or other strategic goals. The business’s compliance division can also access this data through Legislate or connectors.

For more information, please visit Legislate.

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