Entity management is the science and art of integrating various duties, including administration, governance, legal compliance, planning and so on, across all of the various subsidiaries that compose a modern multinational enterprise. We’ve talked in this space before about the unique contributions that the general counsel, compliance departments and the Board of Directors can make to the functioning of the well-oiled machine that is transnational entity management.
It’s obvious that senior leadership of a company has a central role in entity management as well. In this post, we’ll take on some of the necessary, but often overlooked, tasks that the C-suite is entrusted with and how those wheels can be greased through the application of effective technological solutions.
More and more often these days, business leadership is being referred to as “the C-suite,” which, as you probably know, includes all of the corporate officers with the word “chief” in their title: not only CEOs and CIOs are around these days, but also Chief Creative Officers, Chief Compliance Officers (discussed in a previous post) and even Chief Ecosystem Officers!
In addition, as the economy expands and large entities expand along with it, the traditional leading officers of the organization, like CEOs, are increasingly delegating certain tasks to new roles like Chief Data Officer and Chief Administrative Officer. In other words, they create a leadership team that’s closely aligned in their position to govern the company in the ways it needs.
The C-suite is a term that’s useful because it’s more specific than “senior management” or “leadership,” while at the same time, it embraces the large variety of voices and roles that companies increasingly need at or near the top of their structure.
What the C-Suite Does in Entity Management
Though the Board provides overall guidance about the corporate mission and goals, high-level managers have to translate this guidance into practical decisions that keep the company running from day to day.
The C-suite, to be effective, has to be a fairly intimate group and, for this reason, is usually centered in a single corporate headquarters site. This requires a level of mutual trust conditioned by security. The first is a subjective factor of different personalities finding ways to work together. The second is objective; conditions can be more or less secure.
If these conditions are in place, then the C-suite is capable of acting as a unified, effective leader of the company. And the level of trust and confidence the chief officers have in each other as a group can then radiate out from the center into the different departments whose work they guide.
Constant effective communication between the Board and the C-suite, and the C-suite to the rest of senior management and through them the whole organization is something that has to be constantly maintained. It’s easier to do this with automation of many of the basic tasks that accomplishes in seconds what whole teams used to be focused on for days at a time.
How Technology Can Help
Solutions in the form of technology to the problems of entity management at a leadership level come in different shapes and sizes according to the organization’s needs. However, we think that it’s relatively uncontroversial to seek some of the following functionality from a management platform:
- Access to information at all levels and from all entities in the form of a central data repository
- Constant communication within the C-suite, and from them to the board and managers
- Secure and accessible recordkeeping via the Cloud or internal servers
- Easily navigable interfaces to allow every member of the suite to stay on the same page
- A single source of data “truth” that ensures consistent, objective decision-making
An entity management platform that effectively and efficiently serves senior management must be both reliable at a standard of excellence and flexible enough to adapt to the needs of individual organizations. Large organizations are less and less willing to reinvent the wheel, and instead are looking for cost-effective solutions to the dilemmas of entity management in an outsourced platform.
These and many more features offer a number of elegant, effective and affordable solutions within Blueprint OneWorld’s entity management platform that works from the top of the corporate ladder on down. Please call or email us today to discuss building your own.