Outsourcing Law & Business Journal: Aug/Sept 2011
Posted September 30, 2011 by Bierce & Kenerson, P.C. · 
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OUTSOURCING LAW & BUSINESS JOURNAL™ : Strategies and rules for adding value and improving legal and regulation compliance through business process management techniques in strategic alliances, joint ventures, shared services and cost-effective, durable and flexible sourcing of services. www.outsourcing-law.com. Visit our blog at http://blog.outsourcing-law.com.
Insights by Bierce & Kenerson, P.C. Editor. www.biercekenerson.com.
Vol. 11, Nos. 6-7, Aug/Sept
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1. Indian Privacy Law: Sensitive Personal Information.
2. Regulatory Settlement of Fraudulent Robo-Signing by Mortgage Servicing Companies.
3. Humor.
4. Webinar: The Future of Law & the Impact of Outsourcing.
5. Conferences.
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1. Indian Privacy Law: Sensitive Personal Information. In May 2011, the Indian Ministry of Communications and Information Technology issued a press release clarifying the rules framed under Section 43A of the Information Technology Act, 2000. This clarification is important for companies that handle sensitive personal information in India. For more, click here.
Section 43A of the Information Technology Act, 2000, deals with disclosures by Indian governmental bodies (a “body corporate”) of sensitive personal information to other Indian governmental bodies. Under rules adopted under such law, each Indian “body corporate” must adopt and provide a policy for privacy and disclosure of information. The “clarification” notes that “Any such disclosure of sensitive personal data or information by body corporate to any third party shall require prior permission of the provider of the information.” Inter-agency disclosures must be for lawful purposes to pursue statutory mandates of the requesting agency (e.g., detection and prosecution of cybercrime) and the receiving agency must give an undertaking that the information obtained will not be published or shared with any other person. To continue reading the article, click here.
2. Regulatory Settlement of Fraudulent Robo-Signing by Mortgage Servicing Companies. Like a well-designed software package, BPO services offer the advantages of process uniformity and standardization, scalability, speed to completion, predictability and transparency. When BPO is abused, the advantages can quickly turn into disadvantages of equally grand scale. Such is the tale of “robo-signing” of affidavits of compliance with banking regulations that were based on common practice of non-compliance. This article addresses the settlement by Goldman Sachs with the New York State Department of Financial Services and New York Banking Department in early September 2011. For more click here.
The Business Services of Mortgage Loan Origination Management. The origination of mortgage loans is the first step in the syndication of bundles of mortgage loans for sales to investors, or for retention in a bank’s own loan portfolio of assets. Whether a loan is bundled into a package of collateralized debt obligations (“CDO’s”) or retained as a portfolio asset, the origination process must comply with applicable laws governing Truth in Lending and eligibility for loan guarantees. Such laws include full disclosure of applicable financing terms, consumer protection, due diligence and verification of due execution of the borrower’s promissory note, the mortgage securing the loan, title documents confirming the underlying assets are owned of record in the name of the borrower. To continue reading the article, click here.
3. Humor.
Robo-Signer, n. (1) a person appointed by a bank or mortgage origination service company to sign thousands of loan documents per week; (2) phantom performing fiduciary duty in a totally automated, human-free mechanism, with computer-generated rubber-stamped documents and corresponding human signatures; (3) human automaton approving computer outputs. See “Robo-Justice. ”
4. Webinar: The Future of Law & the Impact of Outsourcing. Join our expert panel on Wednesday, October 26, 2011 at 11AM EST in a timely global debate on the future of the legal profession and the growth in delivery of legal support services via outsourcing and cloud technology.
Cerebra LPO, together with Bierce & Kenerson, P.C. and PA Consulting and expert panel guests will convene an interactive webinar to discuss the implications of cloud, change and outsourcing in the legal sector. For more information and to register click here.
3. Conferences.
October 5-6, 2011, Global LPO Conference, Los Angeles, California. Buyers and Vendors meet with the intention of easing the evolution of even more inventive measures to bridge the widening gap between the old style of doing legal business and the new that is brought on with the advent of the legal outsourcing industry. Hosted by KPO Consultants who already has organized three great conferences in New Delhi, London and New York City recently, the connoisseurs of legal and intellectual property (patents) outsourcing from around the world will shed light on many ongoing and unexpected new avenues and address any concerns. For more information, visit their website.
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