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Screenshot of a breaking news alert e-mail from Q2 2017
Information giant Thomson Reuters (NYSE:TRI) has announced that it has teamed up with eBrevia, a machine-learning contract analytics platform, to help enterprises tackle large and complex contract remediation projects involving commercial contracts. The collaboration enhances the managed services from Thomson Reuters with greater technology enablement, accelerating clients’ ability to execute on contract remediation.
Thomson Reuters explored whether an AI partner could provide more automation to its remediation solution. After expansive testing undertaken by Thomson Reuters managed services experts and technologists, eBrevia was selected.
We sought an innovative partner that not only could deliver results but also could work with us to build something beyond just traditional data extraction,” said Eric Laughlin, managing director, Thomson Reuters Legal Managed Services. “To make our selection, we pressure-tested emerging abstraction technologies with real world contract sets, and found that the machine learning technology employed by eBrevia delivered consistent results while offering excellent project management and quality control features.
We are pleased that eBrevia’s machine learning technology will be used by managed services professionals at Thomson Reuters to augment their deep domain expertise to deliver both time savings and increased accuracy for contract remediation and other use cases,” added Adam Nguyen, eBrevia’s co-founder and chief operating officer.
eBrevia’s AI engine powers Thomson Reuters contract remediation services by identifying three critical data points based on the client’s remediation plan: clauses needing revision, the absence of clauses required by the regulation, and the components required to generate a contract amendment. Thomson Reuters then leverages this intelligence to generate amendments in Thomson Reuters Contract Express, offering a seamless workflow for securing approval and digital signature.
This solution improves speed by at least 30 percent. At the same time, the combined technology and managed services offering increases control and consistency, improving efficiency when evaluating contracts against customer requirements and remediating accordingly.
While repapering is not a new task, remediation requirements of the scale we’re now seeing with the GDPR or Brexit can be challenging for most companies,” said Laughlin. “We are already serving the complex repapering needs of global financial institutions, and now commercial clients who are facing similarly critical remediation projects can also trust Thomson Reuters for a leading technology-enabled solution.