For many years, companies have been trying to figure out a way to measure, as well as predict, their total spending on a very large part of their budget—namely corporate governance, risk management and compliance (GRC).
The Legal Electronic Data Exchange Standard (LEDES) Oversight Committee is one step closer to establishing standardized categorization codes that would allow companies to better analyze its legal expenditures. The codes, which were originally created by the think tank Open Compliance and Ethics Group (OCEG), would be used in electronic bill invoices and payments submitted by law firms to classify the type of work performed. In this case, the GRC codes propose to cover a broad range of work, including codes of conduct, risk financing, internal investigations, assessments of technological needs and gaps, and strategic plans for implementing technology.
The proposed Uniform Task-Based Management System (UTBMS) codes were made available by the LEDES oversight committee for a 90-day public comment period beginning in October.
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