More than half of enterprise companies have yet to implement cutting-edge legal technologies to assist with compliance tracking and management, but human resources may be here to help.
Legal and compliance departments that have failed to adopt critical technology systems of record to support their efforts should partner with their company's HR leaders to leverage existing software and find new tools to tackle the growing regulatory landscape, said Brent McDaniel, a Dallas-based partner at KPMG U.S.
Recently released research from Gartner shows that less than 50 percent of enterprise companies have implemented impactful legal technologies, such as contract lifecycle management and legal matter management platforms. McDaniel noted that it's nearly impossible to reap the benefits of emerging technologies without having the most impactful systems in place first.
"These companies are trying to run before they can walk," he said. "Companies that have not laid the proper foundation with more established technologies and skip straight to developing technologies with great promise, but less history of achieving results, never achieve the technology results they should and will become disenfranchised with technology in general."
McDaniel added that HR leaders should help compliance leaders in the selection and implementation of technology. Furthermore, HR, compliance and legal departments could leverage the same technologies because they perform similar tasks to meet different...
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