Three Steps to Choosing the Right Disclosure Management Solution

By Marisa Ruffles. In order to stay compliant and maintain efficiency, public companies need to continually evaluate and improve their external reporting processes.  Many times there are workflow changes that can make all the difference like scheduling a post-mortem of your recent filing or automating the flow of data to mitigate risk and improve quality.

Other times, companies might see a need to re-assess their vendor relationships, software functionality, and level of service. Shopping for a new vendor can be tricky, but there are three things we suggest you do to make sure you head in the right direction.

  1. Checklist Paper And Pen.Thoroughly evaluate your current process. What piece of your current process would you not be willing to part with? What piece of your workflow could use an upgrade? Be sure to involve stakeholders across departments and consider various points of view. Also, check with your auditor to see if they have any suggestions.
  2. Look for comprehensive functionality. This may seem obvious, but the key here is to think bigger than the ‘right now.’ Talk to your professional network at companies that may be just outside of your peer group for a glimpse into what technology you might need as your company grows.
  3. Don’t forget about service and training! Lots of software vendors offer comparable tools and it might not be possible to pinpoint a front runner based on functionality alone. This is where customer success comes in.  Dive into service options, ask questions about the customer support model, and find out about the training and education programs.  Your job is high stakes, and you need to make sure you’ll have the support you need.

If you’re considering a new disclosure management solution, or might be in the future, be sure to download our Choosing a Disclosure Management Solution white paper and keep our Vendor Evaluation Worksheet handy.  These resources will ensure your due diligence is complete!

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