AI-Enabled Contract Data Management

Extract, Analyse, Reconcile and Validate

    Today, Financial Institutions (FIs) business is entirely driven by contracts for operational and statutory reasons. Contracts contain valuable and critical information like the deals, deals related counterparties, deals maintenance instructions, etc. All of these need to be extracted and updated in the deal maintenance system for further work while the contract needs to be stored where it can be easily accessed and retrieved.

    The situation is further complicated by several revisions and amendments that are part of the process and all of these also have to be retained properly and it has to be ensured that the latest details are incorporated in the deal maintenance system.

    Understanding and managing these agreements require highly trained analysts, this limits the number of deals that can be executed and is often prone to errors and omissions. Our Magic DeepSightTM can be configured to operate by the business rules that the contracts are meant to govern and look for specific details and content across several documents.

    Contract Data Management processes defined by Magic DeepsightTM

    Magic’s DeepsightTM the process optimization platform along with our Advisory practice provides a configured solution that acts as a virtual assistant to the analyst thereby reducing the complexity of the task. It automates standard processes to reduce errors and omissions and also enables the less experienced and less skilled analysts to be able to perform their tasks.

    Contract Data Extraction Workflow

    BENEFITS

    Reduction of Manual Errors

    Reduction of Manual Errors

    Identify and Mitigate Contract Risk

    Identify and Mitigate Contract Risk

    Ensure Legal & Regulatory Compliance

    Ensure Legal & Regulatory Compliance

    Comprehensive Data Management across all relevant deal documents

    Comprehensive Data Management across all relevant deal documents

    Save costs and time

    Save costs and time

    Enhance Visibility

    Enhance Visibility

    Configuration with rules helping analysts improve their skills and experience for the specific deal

    Configuration with rules helping analysts improve their skills and experience for the specific deal

    TECHNOLOGIES USED

    Optical Character Recognition

    Natural Language Processing

    Robotic Process Automation

    Artificial Intelligence

    Machine Learning

    Case Studies

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