The legislator has assigned control over personal data to persons and thus also control over the definitions of personal data. If a company needs business
Legal Entity Management
Knowing yourself and your partners are preconditions for doing business, collaborating and processing data.
The increased certainty regarding the reliability of the data makes it possible to organise the operational business processes more effectively and cost-efficiently.
Business users of the Trust Network manage their own data about their legal and functional organisation. By the rules of the TTP policy, users of the Trust Network make agreements with other users about sharing their data.
Based on this data, a company creates overview and insight into its responsibility and liability domain, and eventually that of the partners. Each business user maintains an Information ecosystem where:
- the company and personal data are more in line with the mores of the target groups;
- the increased certainty about the reliability of the data makes it possible to organise the operational business processes more effectively and cost-efficiently; and
- it is easier to organise compliance with legal and contractual obligations.
The MYOBI Trust Network uses Legal Entity Management (LEM) for keeping track of users’ data. The users of the Trust Network use LEM in their Information Ecosystem for:
Users of Information ecosystems ask for additional LEM functionalities and services. MYOBI continues to optimise and develop LEM data-driven features.
MYOBI’s Standard definitions and data portability are characteristics of the MYOBI Trust Network. The purpose of standard definitions is to provide users of the Trust Network certainty about the meaning of data and to enable data portability. The reliability of data increases, and companies and persons can exchange data with each other easily. It allows companies to set up business processes more effectively and persons can practice their legally granted right to data portability.
Standardisation Board (SB) organises data portability.
Based on legislation, schemas and generally accepted standards, the SB derives, manages and makes definitions of data available in the Information ecosystem of users.
Legal Entity Management (LEM)
A user’s Information Ecosystem is equipped with basic LEM functionality. The user extracts generic business data from partners from the Trust Network or uses authentic sources (e.g. the Dutch Chambers of Commerce) to add business data from partners to the network. To add partners, as users of the network, it is necessary for MYOBI to establish the authenticity of the identity of the representative and for the user to endorse the TTP policy.
The TTP policy endorsement will give all users of the Trust Network more certainty that the company and personal data are shared in accordance with the TTP policy, and in particular, are processed in accordance with the TTP Code of Conduct GDPR.
This assurance, concerning the processing of data by legal obligations, is also essential for an effective legal and compliance operation of a company.
Areas of application
Companies use Legal Entity Management (LEM) for various applications. We make a distinction between applications on our data: “in the organisation” and applications on the data of partners: “in relation to partners”.
In the organisation
In relationship to partners
Frequently asked questions
LEM is part of the MYOBI Trust Network. Costs for joining depend on annual turnover, number of employees and entities.
MYOBI service desk or account management. You can contact them via email@example.com.
Duthler Associates professionals and First Lawyers attorneys are trained consultants.