An artificial intelligence-powered platform for tackling repapering? Distilled into its most basic form, repapering is defined as a large remediation of documentation that involves risk assessing, amending, and migrating contracts — often employed by financial service institutions and insurance companies. Further, this process aids in contingency planning or relocation. For companies operating on the global stage, repapering is an inescapable reality that businesses must adapt to.
A recent example that highlights the necessity of an effective repapering platform involves Brexit, in which a no-deal Brexit meant that (without the correct paperwork) UK companies could no longer be allowed to provides goods and services to EU27. Another example is LIBOR, the benchmark set to expire in 2021, which is embedded into almost all financial contracts with a variable interest rate component.
The obstacles of repapering
Due to the immense undertaking that repaper characteristically entails, conducting this process manually is extremely labour, resource and time-intensive. One of the most difficult aspects of this is the coordination and cooperation of finance, legal, and operations teams who are tasked to discover and assess relevant contracts and clauses. Couple this with a high likelihood for human error, and manual repapering is less than ideal.
Another underappreciated issue brought about by manual repapering is that the process is growing increasingly complex. In turn, the human element of repapering scales poorly in comparison to increasing demands and a sometimes seemingly endless workload. Although some legal teams can attempt to manually manage repapering through sampling, it adds needless and expensive risk that can be mitigated by simply using a repapering platform.
How Cognitiv+ platform can help with repapering – 5 key features
Cognitiv+ provides a platform that takes the pain away from the challenges of repapering: reviewing the dataset of agreements, identifying the ones that require remediation, carrying out a throughout risk assessment, and determining the relevant clauses or sections that need to be amended. Cognitiv+ technology helps with:
- Agile execution — Speeding up document review provides a quick, hands-off approach to process documents and meet strict deadlines. It also creates a fast track for completing repetitive and time-consuming tasks with minimal involvement.
- Extensive customization — Cognitiv+ offers a highly adaptive solution that can be tailored to the structure of your legal reasoning process and fine-tuned to the requirements of the type of documents analysed. It is possible to customize our technology to identify only the clauses and provisions relevant to your business, with an intuitive and powerful NLP annotator that does not require data science expertise.
- Software integration — Cognitiv+’s integrated solution connects to your software to create a workflow that is simple, seamless, and stress-free.
- Process Automation — Analyse, triage, and repaper large data sets through Cognitiv+’s ability to automatically digest and review documents and extract relevant information at scale.
- Audit trail centralisation — Cognitiv+ tracks and records the analysis and processing of documents. This comprehensive audit trail creates a clear overview, displaying real-time insights and the project’s current status.