Enterprise Legal Content Management

Clause Component Database

The Shareforce foundation is one firm-wide, clause-component database (a granular contract building-block library) that is fully controlled by legal staff and that can easily augment other software. The clause-component database serves as a firm’s ‘Single Source of Truth’ (SSOT) for each legal document and for all its employees, departments, countries and systems.

Shareforce functions as a catalyst for all contracts: from bespoke policies that require the involvement of lawyers or document curators to basic Straight-Through-Processing documents.

All legal content is managed, originated, automated, maintained and deployed at a granular level as individual components rather than managing it as an entire clause or document. A component could be as granular as a paragraph, a phrase or a word. Documents and clauses are modular and are assembled from these reusable clause-components that are stored in your firm’s exhaustive clause databases.

Documents are dynamically composed by retrieving the relevant clause-components in real-time. Each component consists of one blueprint-text that can be used for multiple purposes. Updates of clause-components are automatically distributed to all databases, clauses and documents that have this building block embedded.

Collaboration

Key content owners (Legal, Wholesale, CIB, Underwriting, Procurement) can easily review, manage and deploy their assigned clauses and updates to ensure consistency and compliance. Shareforce enables managing updates across teams and assigning them to individuals or groups to ensure your deadlines are met, or routing content updates and approvals to subject matter experts. Users can be permissioned with specific roles and rights (i.e. auditor, editor) and in any team configuration you deem appropriate, driving contract generation that is compliant with your own guidelines. Shareforce breaks down information silos in organisations by offering a centralised solution and integrating with other systems available in the organisation.

Automatic Update & Distribution

Updating contract content in Shareforce is a one-time and automatic event. Updates can be made in minutes and be instantly distributed to all systems and legal documents. Using Shareforce means eliminating manual distribution of updates, removing individual monitoring of updates and reducing errors. Increased accuracy means better compliance, mitigating risk and fines resulting from non-compliance or missed deadlines. Templates can be automatically updated for new transactions and legacy documents can be automatically remediated for regulatory changes (i.e. Ibor/Libor, MiFID) or contract renewal, thereby vastly reducing the time needed for re-papering. The result is that everyone benefits from legal documents that are up-to-date and compliant, while all changes are recorded.

Update & Approval Workflow Tool

Shareforce contains a digital approval workflow tool; template updates (and new versions of transaction documents) can be routed to one or more users for their approval and input. All activities from initiation to completion (drafting, versioning, collecting input stakeholders, consulting, approving) are standardised, digitised and recorded (no longer left to a patchwork of emailed files, printed proofs etc), thereby creating an audit trail of all changes. When an update is approved, it is automatically distributed to all corresponding documents (templates and precedents) and systems that include the updated clause for acceptance by the ‘owner’ of the document.

Shareforce differentiates by putting the subject matter experts in control of setting up and maintaining their clause-component database (“clause library”), digitising & automating their templates and distributing their updates to templates and precedents.

Audit Trail

Shareforce offers comprehensive functionality for an audit trail and historical log in both Automatic Updates and Distribution, as well as in our Update & Approval Workflow Tool. This ensures a comprehensive contract process history for every content change, recording all user modifications and comments from contract initiation to completion (drafting, versioning, collecting input stakeholders, consulting and approving). This standardized digitization and recording of activities provides vital evidence for regulatory compliance, continuity of work and easy reference.