Thomson Reuters Collaborates with eBrevia to Deliver AI-Driven Contract Remediation Solution
Complex global compliance events such as GDPR or economic drivers such as Brexit are creating new large-scale contract remediation challenges for many companies outside of the financial industry. Contract remediation has historically been labor-intensive, requiring large teams and manual effort.
As an established leader in contract remediation and re-papering efforts for financial institutions, Thomson Reuters Legal Managed Services explored whether an AI partner could enhance its award-winning managed services for commercial contracts with greater technology enablement.
After extensive testing undertaken by Thomson Reuters Legal Managed Services experts and technologists, eBrevia was selected because its machine-learning contract analytics platform offered consistent results and excellent project management and quality control features.
eBrevia’s AI engine identifies critical data points based on the client’s remediation plan. Once this data (or the absence thereof) is identified and extracted from the contracts that are under review, Thomson Reuters Legal Managed Services teams use this actionable intelligence to generate the necessary amendments in Thomson Reuters Contract Express, delivering a seamless workflow for customers. The team has also identified additional use cases for this blended technology and managed services solution, such as due diligence for mergers and/or acquisitions.