March 7, 2019
What to consider for compliance outsourcing?
March 7, 2019
Compliance outsourcing is one way to reduce the operating cost while considering managing the core functions of the business. Legal services are one of the main requirements of most corporations. They have the option to staff their company with a legal department or outsource legal services.
However, hiring in-house expert personnel is expensive, not to mention the other costs like the infrastructure and technology to build the staff. For this reason, many corporations seek out the services of outsourcing providers to do the job efficiently. Deployed, a leading Philippines outsourcing supplier, shares their insights on this topic.
Continuously-changing compliance standards
One of the reasons why you should consider legal outsourcing is because of the constant changes in legislature. From time to time, new laws are being introduced. This change pushes you to keep yourself updated and ensure that your business operations stay compliant. This task can add to the tons of responsibilities in your business.
Outsourcing legal work can be the best solution to manage the legal liabilities and risks of your company.
One of the benefits of outsourcing is global competence. Your offshore legal team can work during after-office hours from your timezone enabling you to have the task done the very next day.
Moreover, your service provider may not recognize the holidays from the place where you are coming from. This fact makes it possible for your legal team to operate on those days like during Independence Day and Christmas.
Increasing demand for legal outsourcing services
Client pressure forces businesses to provide efficient services. For this reason, it is not surprising that the demand for legal outsourcing services is increasing. The rate increase and efficiency improvements demands are common complaints in law departments.
Scarcity of appropriate talent or expert
Hiring an in-house expert is expensive. Because of its high cost, it is not surprising to see that most companies are short on legal staff.
Legal process outsourcing will give you instant access to a pool of experts globally. You instantly have the right people to fill the job responsibilities that your company needs. Most importantly, you can have access to this workforce at a cheaper rate than just hiring in-house staff.
The need for additional business insight through technology
As stated by the PwC, improvisation to the use of technology is one of the main priorities of companies as of 2016, along with business processes standardization.
Nowadays, the use of technology such as machine learning, language processing, and Artificial Intelligence are essential in every legal process. You can teach a particular software to figure out the endless numbers of documents that can take months or even years to review.
Using the advancement in technology, also allows you to gain insights you can use to improve your business in a cost-effective and time-efficient way.
Access to technology-based legal processing
Nowadays, law firms include a lot of IT functions. This demand needs various kinds of skill sets that are costly and time-consuming to set-up on your own. Outsourcing all or a part of these IT functions can make a huge difference and efficiency in your company or business.
The legal industry is into cloud technology too which is a significant advancement in technology throughout the years. Cloud technology has introduced huge benefits and efficiency in the legal sector.
Should you invest in offshore legal outsourcing?
Despite the benefits that outsourcing can provide, you should also be aware and ready for the possible risks that you may face. It is possible for your company’s confidential information to leak. The barrier on communication is also possible because of the different culture between the two firms. And the hidden costs that the company may charge you is also one.
You must figure out what is best for your company and mitigate the risks by looking for the best service provider that is right for your company.
How to know the best legal outsourcing provider?
Before signing a contract with your compliance outsourcing provider, make sure that you do your research on the service provider and ask relevant questions before engaging. To make sure that your service provider can meet your communication expectations, send them a pilot project to work on.
Deployed is a leading outsourcing supplier, specialising in compliance outsourcing services as well as other verticals.