Enterprise corporations expand their reach and footprint into diverse global markets every day. Managing global growth plans is one part of an expansion strategy, but those plans aren’t the only boiler plate item for a growing corporation.

Expanding a corporate entity requires numerous satellite branches and subsidiaries to effectively operate. Some of those overseas subsidiaries will come through select mergers and acquisitions, and others are willfully established by the parent entity.

However global subsidiaries are created, they represent the interests of the global brand in select markets. As a business entity in itself, each subsidiary has annual activities that must be accurately reported. All subsidiary reporting data is legally required to remain in compliance with regulatory laws.

Concerned that your legal and compliance teams may become overwhelmed by increasing volumes of subsidiary data? Not to worry because here are five effective strategies to help your teams optimize global subsidiary management.

1. Embrace automated data management systems

The greatest burden placed upon legal and compliance teams is clerical and administrative work. This is often repetitive, time consuming work that restrains full productivity for your legal and compliance teams. Teams inundated with boundless amounts of clerical and administrative work struggle to achieve full productivity, which demoralizes workers and can increase the risk for paralegal burnout.

Instead of subjecting your legal and compliance departments to excessive workloads, embrace automated technology to shoulder some of the burden. Entity management systems are designed to streamline and automate most clerical and administrative tasks. Teams that use these systems save invaluable working time, thereby improving productivity, increasing morale, and assisting with the global growth of the corporation.

1. Create a bulletproof risk management strategy

Every decision in business includes some degree of risk. Expanding into global markets with subsidiary presences have potential high degrees of risk due to factors like the geographic, political, industrial, or regulatory frameworks in those regions.

Enacting a proper due diligence process reduces risk and consequences for the global entity. When undertaking a merger or acquisition, ensure your legal, compliance, and financial teams conduct thorough due diligence on the target acquisition. If reporting data fails to meet corporate governance standards, the benefits of the acquisition don’t outweigh the risk.

You can also assign more time and resources towards subsidiaries that do carry a higher degree of risk. Balance the responsibilities of your global legal and compliance teams by optimizing their time against subsidiaries with the greatest risk. Do whatever is necessary to minimize risk to your corporate interests.

1. Create a single source of truth for filing and reporting

Managing global compliance for multiple subsidiaries in different markets is a difficult task. It’s even more complicated when filings for things like compliance deadlines, regulatory amendments, corporate by-law updates, and other factors are all stored in different locations.

Simplify these workflows by creating one standard bearer for all subsidiary reporting data. Entity management software functions as a single source of truth for all these reporting variables, allowing your global legal and compliance teams to smoothly oversee operations.

Entity management platforms have built-in compliance frameworks to assist with global subsidiary management. The frameworks monitor organizational charts, calendars, workflows, and other templates to enforce global compliance.

1. Improve global visibility and transparency into all data

By creating a single source of truth for all subsidiary reporting data, all stakeholders have clear visibility into the entire organization’s operations. Visibility and transparency make it easier to complete annual subsidiary filings and reduce the risk for errors or subsequent filings.

It’s natural that stakeholders will have questions about reporting data. As part of the global growth plan, executives need to know where to distribute additional resources. Subsidiaries with the greatest growth potential and the least exposure to legal or compliance risk are prime destinations for rapid expansion.

By creating visible and transparent oversight into all reporting subsidiary data, stakeholders can review the numbers and get immediate answers as to how to invest in growth.

Use entity management software to support global growth

The bottom line is that global subsidiary management is a complicated process that places enormous pressure on legal and compliance departments. Why keep the process so complicated when you can streamline the entire workload using modern technology?

Entity management software is built by legal professionals to support legal professionals, and MinuteBox is the first platform to achieve dual security certification. Data security is of vital importance when reporting on subsidiary operations, so you want a solution that simplifies the reporting process while maintaining the highest data security standards.

Join the MinuteBox revolution today and optimize global subsidiary management to support your corporate interests.