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Enterprise Legal Management
Enterprise legal management (ELM) is a practice management strategy of corporate legal departments, insurance claims departments, and government legal and contract management departments. ELM developed during the 1990s in response to increased corporate demands for accountability, transparency, and predictability, and employs software to manage internal legal documents and workflows, electronic billing and invoicing, and to guide decision-making through reporting and analytics. Definitions Still an evolving term, ELM is a recognized management discipline and a strategic objective of general counsel. Some have argued that ELM falls within the broader category of corporate governance, risk, and compliance ( GRC); others maintain that ELM and GRC are separate entities along a continuum. Separate but related technologies include information governance, electronic discovery, legal hold, contract management, corporate secretary, and board of directors’ communications. ELM sof ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronic Billing
Electronic billing or electronic bill payment and presentment, is when a seller such as company, organization, or group sends its bills or invoices over the internet, and customers electronic bill payment, pay the bills electronically. This replaces the traditional method where invoices were sent in paper form and payments were done by manual means such as sending cheques. There are a number of advantages to electronic billing that include the faster presentation of invoices and reductions in costs in handling paper document. However to take full advantage of electronic billing both seller and buyer need to have in place computer systems able to handle electronic billing and have access to financial institutions that can do electronic payments. History The development of electronic billing and payments started in the late 20th century, and whilst its exact origins are unclear, it is generally agreed that development of electronic billing coincided with the rise of the Informatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Matter Management
Legal matter management or matter management refers to activities involved in managing all aspects of the corporate legal practice ("matters"). Matter management is distinguished from case management, in that case management is generally considered to refer to law firm related activities ("cases"). Matter management software systems serve a variety of functions including conflict and ethics control, accurate matter opening, day-to-day matter work, business intelligence, and marketing. This includes the tracking of such items as the attorneys and other workers on the case, type of legal work, industry of the client, witnesses, judges, Courts, opposing counsel, issues, documents, budgets and invoices associated with each particular legal matter. Corporations can use matter legal matter management software and systems to manage both their in-house counsel staffs as well as their outside counsel law firms and non-law firm legal service providers who work on legal matters on the corpo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Combined Ratio
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
