Monday, November 4, 2013

Shelter from the Storm: Risks & Rewards of Updating New Business Intake

The cover story in the latest white paper focuses on new business acceptance. James Edwards and Kathryn Hume from Intapp take us on a Bob Dylan-inspired journey in: "Shelter from the Storm: Risks & Rewards of Updating New Business Intake." They cover critical areas of consideration, including:
  • Here Comes the Story of the Hurricane: Business and legal risks addressed by NBI
  • A Hard Rain’s A-Gonna Fall: Common risks of updating NBI technology
  • The Answer, My Friend, Is Blowin’ in the Wind: The rewards of doing it right
And they counsel that "You Don't Need a Weatherman to Know Which Way the Wind Blows" --
  • "In today’s digital world, IT works increasingly close with firm risk leaders to manage risks related to compliance, client confidentiality, lateral departures and information security. The more serious the risk the firm is trying to manage, the more important it becomes that IT execute projects to manage them quickly and successfully."
  • "Client selection is the fundamental starting point for firm business, and identifying the right clients (while avoiding the wrong ones) is critical for a firm’s success. Managing client data with an eye on longterm strategy, however, is a complex balancing act that must reconcile competing interests from multiple departments. Lawyers want to take on as much new business as fast as possible, marketing wants to collect information to fuel analysis and risk wants the time required to vet clients thoroughly. Therefore, an intake project challenges IT to institute technology that is fast, thorough and sophisticated enough to manage multiple risk management requirements."
  • "In today’s increasingly competitive marketplace, IT is pressured more than ever to make investments that significantly improve firm performance, process efficiency and data quality. NBI supports all these goals because it unites efforts across systems and departments and provides firms with the core client data they need to improve strategy and compliance. The key to success is to find an approach that has the flexibility and foresight to accommodate all the unforeseen information flows, technologies and risk requirements that’ll come a’ramblin down on Highway 61."
(Because something is happening here, and we do know what it is...) Read the article here, and access the complete ILTA update, which includes essays on enterprise search, security awareness and outsourcing practice support services.

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