Updating, monitoring, and controlling the delegation systems
Finance departments and cash management teams are faced with a delegation system generally separated into two distinct components:
- legal powers (signing of commitments) delegated to representatives, proxies, and delegates of the organization,
- banking signing powers.
In an environment where the company’s scope is vast and globalized, a reliable repository of delegation systems is crucial for any unit involved in the management of operational and compliance risks. The formalization of the detailed, complete mapping of delegations is an exercise that requires constant updates: it is scalable and must take into account any change in the company’s scope in real time.
The Legal Suite solutions for managing powers of attorney for legal and banking matters provide a lever for effective, reliable control in many organizations.