Financial Industry
Overview
Investment banks, clearing banks, fund managers and futures brokers are faced
with frequent litigation in disputes concerning diverse matters such as asset
management, patent, copyright, trademark infringement and trade secret misappropriation.
As part of the litigation process, they are required to respond to regulatory
matters for SEC compliance.
For many financial companies, involvement in litigation means continuous business
disruption. Each time personnel across the enterprise need to stop to assist
in the discovery process, productivity is at risk. The growth in the number of
information sources that provide date for discovery activity and volume of electronic
evidence that must be managed compounds this loss of productivity.
In addition to these combined factors, these institutions often need to respond
quickly to regulatory matters. The cost to develop and maintain a workflow for
each matter is daunting, particularly because many of these institutions rely
on the combined efforts of inside and outside legal counsel to handle the matters.
Challenges
Finance companies need to find a solution that enables multiple
law firms and contract attorneys spread over geographic areas
to respond to matters in a repeatable, standardized manner. When
responding to regulatory matters such as SEC and NASD requests,
finance companies want a solution that ensures that data can
be gathered, organized, reviewed and produced quickly and accurately,
without incurring significant costs on IT resources or enterprise-wide
productivity. They need to create
a single, approved repository that leverages the work done on prior matters to
reduce the costs associated with enterprise-wide electronic discovery.
Corporations must also impose greater control over the Discovery process, updating
procedures to satisfy the new Federal Rules of Civil Procedure (FRCP) requirements
and to meet the demands of regulatory compliance. All of these challenges must
be met cost-effectively, in a manner that increases cost predictability for corporate
budgeting purposes and ensures the security of intellectual property.
Solution
The CaseCentral® Corporate Edition™ helps corporations gain control
and address the above described challenges. A standardized workflow on one centralized,
secure platform enables the efficient management of massive electronic discovery
and ongoing response to regulatory matters such as SEC and NASD requests.
Connectors reduce conversion costs and errors, and the integrated ability to
leverage the previous work of the litigation team leads to faster, less expensive
production cycles. Administrators can provide legal teams on-demand access to
some cases, and excluded them from accessing others on a very granular level.
Matters are kept separate without involving IT in behind-the-firewall security
and capacity issues.
Audit trails are automatically created, providing visibility into who reviewed
a document, when they reviewed it, their designations, and comments. Companies
can leverage prior restorations and conversions by re-using the documents that
apply to multiple matters, ensuring higher accuracy and speed across matters.
Furthermore, as the number of application users increases, CaseCentral scales
to quickly and easily accommodate them, with minimal impact on internal IT departments.
Benefits
- One centralized review platform delivers unprecedented transparency and control over regulatory response and litigation activities across law firms
- One centralized review platform also minimizes the security concerns that come along with production of sensitive information outside the corporate firewall
- Repeatable, defensible business processes including clear chain-of-custody address compliance with the new FRCPs governing discovery
- Reuse of administrative settings and work product across cases increases accuracy and speed, as well as incremental cost savings with every new case
- Reuse of prior work product also reduces business disruption and demands on IT staff
- Flexible platform architecture enables adding hundreds of users in a snap, while integration with corporate email and document repositories reduces loading time, costs and errors
- Scalable implementation ensures high performance access to tens of millions of documents
- Hosted services minimize startup time and cost while also simplifying ongoing management
- Predictable pricing facilitates effective litigation budget management
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