Contract discovery and analytics for financial services.
Nothing gets done in financial services without contracts. In investment banking and wealth management in particular, contracts are part of the foundation on which the industry is built. Unfortunately, unless you’ve got the right platform to extract and manage the information they contain, they’re probably hiding excess cost, liabilities, risk, and exposure that will directly impact your organization.
At investment banks, being fast, flexible, and agile is a fundamental part of doing business. Yet in an industry where dealing with large numbers of complex contracts and agreements is the norm, being those things isn’t easy.
That’s particularly true when it comes to managing the ISDAs used to service OTC derivatives. Made up of five different types of documents, they’re subject to the various regulatory requirements set forth by FINRA, MiFID, Dodd-Frank, and others. Translation: they’re as complicated to manage as they are valuable.
Wealth management companies face numerous challenges. One of the most pressing is reconciling the limited visibility they often have into their contracts with the need to access the very specific information they contain. This includes the investment authority cited in client agreements, any insurance requirements beyond those the firm holds for liabilities and negative events, notification requirements for various events, ERISA compliance, and non-standard special agreements or service-level agreements buried deep within contacts.
How Seal can help
Seal provides the agility and flexibility you need to manage risk and compete more effectively amid changing regulatory and business conditions. You'll be able to:
- Automate the discovery of existing contracts across your organization and centralize them in a secure repository
- Extract and index the data held within your contracts using over 100 pre-defined extraction policies specifically for financial services, making the data easy to search, sort, and analyze
- Develop specific and custom extraction policies and train Seal so it knows your unique products terms and overall language, and lets you analyze the data any way you’d like
- Easily review individual clauses across thousands of contracts for real-time analysis of non-standard language to reduce your contractual risk
- Comply with global regulatory mandates, manage overall risk against defined targets, and dramatically shorten the time and reduce the cost of contract reviews
Blockchain and Distributed Ledger
We are firmly committed to the future of blockchain as a key component of advanced legal AI software. We see the intersection of Artificial Intelligence and Blockchain as a key development in encoding contractual information on the distributed ledger. We have pointed out before that Smart Contracts (SCs) as a construct are certainly part of the future. We have identified some short-comings with SCs and proposed a more advanced approach, Intelligence Contracts (ICs). We propose a private blockchain that users can subscribe to allowing the relevant parties to negotiate on that blockchain. We are adding advanced layers for security and distributed learning so that our AI is able to meet GDPR requirements for our customers while still enabling them to securely share knowledge.
To learn more about how Seal’s plan for Blockchain and Distributed Ledger Technology please read these Seal Blogs:
Seal Software supports UK APPG Blockchain initiative
Blockchain: Why We Need Intelligent Contracts AKA Smart Contracts 3.0?
Blockchain and AI Convergence – We Told You So!
The Inconvenient Truth about CLM