Growing use of technology
The past year has seen companies hit by the fallout from the Covid-19 pandemic and associated economic turmoil and uncertainty. The impact has been highlighted by a greater use of technology as many people have worked remotely and found new uses for tools or turned to new functions.
Mega-cap companies have seen the greatest uptick in technology use for entity management, with 55 percent of respondents reporting a small increase and 14 percent a large increase. Overall, 25 percent of respondents have seen a small increase and 9 percent have seen a large increase in the use of technology for entity management. Just 2 percent saw a decrease of any size in the use of technology.
Respondents also report increasing use of technology for entity management at small caps (33 percent), mid-caps (19 percent) and large-cap companies (31 percent). The prevalence of reported increases is broadly similar between the US (32 percent), Canada (28 percent) and Europe (30 percent).
Fifty-three percent of respondents say regulatory reporting is an area where they are making greater use of technology. The next most frequently cited area is legal entity tracking (48 percent of respondents), followed by subsidiary compliance (44 percent), director and officer issues (42 percent), subsidiary governance (40 percent), M&A (26 percent) and other transactions (13 percent).
