The National Football League, or the NFL, is one of the largest sports leagues in the world. The expansiveness of the organization comes with many challenges, among them the need to manage countless legal documents, player contracts, vendor agreements and other sensitive documentation. Many of these documents require the involvement of multiple parties, some of which are outside the organization. This highlights the need for a sharing platform that is both organized and highly secure. The solution for many NFL legal teams is a virtual data room or VDR.
Virtual data rooms provide many features that make them ideal for sharing and reviewing large volumes of documentation in an ultra secure environment.
Security
One of the primary benefits of using a VDR for legal documents is security. A virtual data room is a highly secure platform that utilizes bank-grade encryption and multi-factor authentication to protect data from unauthorized access.
VDRs feature powerful, easy-to-use tools to maintain control of sensitive content with enterprise-grade security, even on computers and devices that are outside the control of the organization’s IT department.
A state-of-the-art VDR provides powerful Information Rights Management (IRM) technology, allowing administrators to retain persistent control over documents shared with third parties. Protected documents are AES-256 bit encrypted and can only be opened by users with current rights, so documents can be remotely "shredded”. In other words, a user's permission to open a document can be revoked retroactively, even for files already downloaded.
A good VDR also provides powerful tools to rapidly configure file permissioning at the user or group level, as well as at the document or folder level. Permissions are easily customizable so only authorized users can view specified documents. For instance, a player’s contract can be made available to him and his lawyers but not to any other users of the data room.
Additionally, VDRs provide fully-configurable file security policies, allowing administrators to define what users are allowed to do with a document. For example, administrators can specify whether or not users have the right to print, save, copy/paste text, capture the screen, and what type of watermark should be applied. In addition, an absolute or relative expiration date can be specified.
Efficiency
Before VDRs were introduced, managing legal documents was a time-consuming, cumbersome, and often, unsecure process. Documents were stored in filing cabinets and often copies were circulated by mail. Organization and security were both issues.
With a virtual dataroom, all documents are stored digitally in a central cloud-based repository. This allows users, like NFL lawyers and other authorized parties, to find and access the documents they need quickly. VDRs help large organizations like the NFL save time and increase productivity when storing, searching for, and accessing legal documents.
Contract Management
The NFL also uses VDRs to streamline its contract management process. Managing thousands of contracts with players, coaches, vendors, and other stakeholders can be complex and challenging. But a VDR simplifies the process by allowing organizations to store contracts and other legal documents in a central location with tools for managing them throughout their lifecycle.
Other VDR features include version control, which allows the league to keep track of contract changes over time. Another tool is automatic notifications, which alert authorized parties when a contract is about to expire or needs to be renewed. By using a VDR for contract management, the NFL can verify that all its agreements are up-to-date and compliant with legal requirements.
Collaboration
The NFL is a large organization made up of teams, lawyers, and other stakeholders around the country. A virtual data room allows these parties to collaborate on legal documents and contracts in real time, regardless of their physical location. This improves communication and collaboration between league executives, owners, coaches, and others. Improved collaboration and communication can help prevent misunderstandings and costly mistakes. VDRs also help improve the NFL's collaboration with outside counsel and other third parties, as they can be granted secure access to the VDR as needed.
Set up a Data Room With ShareVault Today
You can safeguard your confidential documents with the help of a ShareVault virtual data room. ShareVault provides safe document sharing by giving users control over user permissions and document access. Our customer service representatives would be happy to answer any questions you have about the features of our VDRs. Contact us today to arrange a consultation and get your VDR started.