ILTA White Papers

Risky Business

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"With an automated system, you reduce the opportunities for human error." fee arrangements, then any requests indicating such can be highlighted or routed to specialized roles for additional review. Similarly, any request designated as having an increased risk, such as a matter involving a controversial issue or with a potential to generate publicity, could be flagged for additional review within the system. An automated system will also provide advanced reporting and notification capabilities. Reports can be used to show a detailed audit trail of the activities that were conducted including electronic signatures, commentary, and issues that were addressed to clear any potential conflicts of interest or business relationship issues. This can be useful at the end 30 Risky Business ILTA White Paper of the intake process to provide a point-in-time snapshot, generally in the form of a PDF, of all request details and associated documents. Reports are also important in monitoring and analyzing the performance of your process, helping you to identify bottlenecks and potential opportunities for future process improvements. A sophisticated notification engine will not only notify individuals when they have a task assigned, it can also provide valuable and timely information to a variety of stakeholders within the firm. There are many constituencies within your firm who would benefit from increased visibility into new business. Marketing could use industry information and

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