Growing reliance on cloud-based applications means the financial and legal industries are facing a maze of evolving regulatory oversight. Regulations such as FRB SR 13-19, OCC Bulletins 2013-29/2017-21, and FDIC-FIL-44-2008 require risk assessments for all vendors. This includes law firms and specifies standardized engagement and contract provisions, as well as ongoing monitoring and accountability provisions.
Outside counsel and their third-party vendors work with your sensitive data, so their risks are your risks. Legal departments, face unique challenges in managing these regulatory and reputational third-party risks, especially when most procurement platforms are goods-based, not service-based. It makes onboarding and doing due diligence for professional services, such as outside counsel, a headache for both parties, when it should be an easy check-in.
Counself Risk™ has been designed to assist legal departments in streamlining this arduous and manual process, transforming manual vendor risk management processes with a secure, collaborative, and automated solution. Stop using irrelevant enterpise forms with hundreds of questions, and take advantage of Counself’s library of legal industry best practice forms, questionnaires, documents, and request templates to expedite your compliance gathering and monitoring processes.
Author your requests from scratch or take advantage of Counself's library of best-practice templates and tweak to your needs so you can get the information you need in a consistent, standardized format. Integrate Counself with your Matter Management System to auto-generate and populate requests with your matter data.
Securely communicate with your outside counsel, vendors, and your team through encrypted messaging functionalities with delivery tracking, questioning, secure and auditable document sharing, and more. Message directly on requests and responses. No more emailing back and forth, everything is tracked in one place!
Free yourself from manual records maintenance and use Counself for informed and actionable vendor management. Enable your outside counsel and other vendors to quickly, easily, and intuitively register, delegating account and profile management responsibilities to them.
Take advantage of Counself’s collaborative libraries that integrate with your existing enterprise document management systems to maintain easy access to all of your vendor documentation in tandem with request and assessment histories. Keep track of appoved vendors with a searchable and current database of your outside counsel, vendors, and other potential legal service providers, all in one location.
Maintain a centralized database of certifications and contracts. Set automated alerts and reminders in advance of expiration and audits and communicate directly with vendors regarding specific documentation without numerous emails, calls, and questions.
Maintain information on scheduled events and milestones, manage timelines, and set up alerts in advance of request due dates, all with a fully automated system that keeps track and does the notifying, reminding, and following up for you.
We would be happy to show you what a difference Counself will make.