Contracts Risk and Compliance better managed with AI

Organizations across the world, depending on their nature of business will have contracts located across repositories. Unless the contracts are digitized and brought into a central repository there is no way one can know what is inside these contracts and if there are any potential risks with any of these contracts. Traditional contract management processes fail in terms of speed, time and resources required to get to the bottom of each executed contract

Here are some ways how AI can help manage risk and compliance across your contracts

1. Automatic classification and tagging of the documents based on what is inside reducing the manual labor of segregating each document.
2. Improved stakeholder access to key contract-related information in seconds by using ML models along with NLP.
3. Ability to find terms and keywords that are similar to what you are looking for in the contracts using semantic modeling approach. This potentially reduces the risk due to human oversight.
4. Easily compare your executed contracts with standard vetted templates and spot the differences on the fly. This makes your legal team job a lot more easier and faster.

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