Enterprise Legal Content Management

Shareforce’s database-driven Enterprise Legal Content Management combines the authoritative content of the Clause Library, the foundation of our software, with our Update & Approval Workflow tool, Automatic Update Distribution functionality and Automated Document Creation.

This powerful combination enables legal and contracting staff to digitally create, manage, automate, modify and deploy legal content without the need for specialised technical knowledge. Our unique proposition: modular, dynamic legal content management at a granular (clause component, contract building block) level.

Our tools help our customers set up and maintain Clause Libraries, using their own legal content and template documents to provide them with easy access to the most relevant & up-to-date legal content. This library/database functions as an enterprise-wide catalyst for all contracts. In our software, content is automatically updated and centrally distributed, enabling users to efficiently collaborate, and update the most recent and relevant legal content changes. All updates are recorded in our Audit Trail functionality. Our Automated Document Creation tool allows users to generate tailor-made documents faster and automatically by using the ‘automated’ contract building blocks that are available in their Clause Library. Furthermore, by separating content and styling, legal & content professionals can focus on their core competency: curating the best content, without worrying about formatting. Shareforce is genuine “No-Coding” software and available in MS Word, which means everyone can work in their favourite domain.

Clause Component Database

The Shareforce Clause Library is one firm-wide contract clause component repository/database that is used for each legal document by all employees, departments, countries and systems. This contract clause database is controlled by lawyers and contracting professionals and serves as the ‘Single Source of Truth’ for all document professionals and each legal document. As one, exhaustive clause component database for all countries, departments 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.

In a Clause Library, 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 and decentralized contract-clause libraries (databases/repositories). Peer-to-peer collaboration enables users to share their legal content in a decentralised manner to develop and update it.

Documents are dynamically composed by retrieving the relevant clause-components from the libraries in real-time. Each clause-component consists of one blueprint-text that can be used for multiple purposes. Updates of clause-components are automatically distributed to all libraries, 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 application – a clause component database – 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, reducing errors and mitigating risk. Increased accuracy means better compliance, reducing risk of 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, MiFID), thereby vastly reducing the time needed for re-papering for example. The result is that everyone benefits from legal documents that are up-to-date and compliant. In addition, all changes are recorded, creating an audit trail/historical log.

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 other 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), while 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 Legal/Contracting staff in control of setting up the database/repository, digitising/automating templates and distributing 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 thorough 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.