Seal's Contract Discovery & Analytics Solution for Financial Services
WEBINAR: Wednesday, 19th July 2017 at 14:00PM GMT
Banking relationships are ultimately instantiated in law via contracts, and those documents which will need to be located, examined, renegotiated in some cases, and repapered. Most large banks have hundreds of thousands of contracts, some approaching millions. Those contracts are in multiple repositories and data stores around the bank’s IT infrastructure and will need to be discovered and categorized. They will then need to be individually read and analyzed for terms that can help determine whether it relates to the investment or the retail side. Think about lease agreements, for example, and determining which side of the fence they should be moved to.
Given the scale of this task, it would be nearly impossible for every contract to be processed in this way by humans. There just isn’t the time or resources generally available, which is why machine learning can be a major weapon in this endeavor. The process will have to be automated if timeframes are to be met, and 'virtual robots' are a compelling solution. Imagine being able to locate and process over 25,000 contracts a day, and in the end, know where each contract should go, and if it needs to be re-papered or renegotiated. That is a perfectly feasible and realistic solution today.
Major UK and global financial services companies are already leveraging this proven solution.
They are finding their ISDA, CSA, QFCs and other contracts, and are using that information to comply with mandates such as SR 14-1,IFRS15, IFRS16, QFC auditing, MRUD, including the implementation of structural reform.
Join our webinar to learn how this works!