The need for regular filings with regulatory and government authorities is a no-brainer in the corporate world: Of course, you will need to keep authorities abreast of your operations and how the company is set up, especially in a world of increasing regulation and a growing cry for corporate transparency.
But that need doesn’t mean any old entity data will do. Far from it, actually – as the regulators close in on transparency, there is an increasing amount of legislation and number of official bodies who want to get ahold of entity data. If this entity data is out of date, inaccurate or flawed in any way, those regulators have increasing power to prosecute entities for non-compliance, which can, in turn, result in fines, reputational damage or jail time for directors. Good organizational governance has never been more important.