McCann Fitzgerald releases AI-driven Director Corporate Compliance app
4 September 2018 | 0
McCann FitzGerald has added a further legaltech application to its suite of AI-driven applications designed to revolutionise the delivery of legal services. The new Director Compliance Statement app will help companies comply with obligations and reporting requirements introduced under section 225 of the Companies Act 2014.
Bringing together McCann FitzGerald’s market-leading expertise with the award-winning AI-driven software of its partner, Neota Logic, the app helps companies navigate the complexities of section 225. Specifically, it determines whether or not a business is within the scope of the section 225 obligations and helps directors, company secretaries and compliance officers of medium and large-sized companies to generate documentation for the directors’ annual report; provide an audit trail for the annual mandatory compliance review that the directors of an in-scope company must undertake; and benefit from suggested wording for key documents that section 225 mandates.
“The new Director Compliance Statement App enables companies to navigate the complex provisions of section 225 of the Companies Act which include annual obligations to be performed before the directors finalise their annual report,” said Garreth O’Brien, corporate partner, McCann FitzGerald.
“Directors, company secretaries and compliance officers of medium-sized and large Irish companies are all under the lens of these requirements and a breach could have serious consequences for those involved. Not only would it be an offence for each director, it could also result in fines of up to €5,000 and/or a prison sentence of up to six months.
“It’s important that these obligations should also be on their radar for those companies that are not currently in scope as any improvement in turnover and/or assets could see the company unexpectedly surpass the minimum thresholds, subjecting the directors to these obligations for that financial year.”
Barry Devereux, managing partner, McCann FitzGerald, said: “Our aim is to bring together our deep legal, business and regulatory knowledge with digital and AI technologies so that we can deliver a suite of agile and clever solutions that are tailored to the specific needs of our clients who are increasingly looking for greater flexibility and cost-efficiency in their legal services.”