Contract Discovery

Organizations spend a great deal of time and money extracting information from contracts and other legal documents. Using a powerful combination of natural language processing and machine learning techniques , ComplyScore’s Contract Discovery solution will not only extract salient and critical contract terms and conditions but also infer information based on learning. This leads to reduced errors, compressed timelines and a great deal of savings.

Information such as start and end dates,payment terms, liability and other obligations can be extracted from the documents. In addition information such as when a liability becomes effective, which party is liable, who is the guarantor can be inferred. This insight will helps meet regulatory requirements, reduce risk, creation of obligations database and enables streamlining of the overall decision making process.

Vendor Risk Assessment, Self Service Portal, Contract Management

FEATURES & BENEFITS

Maintain links to the original documents

ComplyScore can import information from various formats like PDF, Word documents, Excel workbooks as well as Images into its native format while maintaining links to the original documents.

Rapid processing

ComplyScore is designed to extract and present key contractual information like special language, terms, clauses, clause combinations, and named entities. Once extracted the information is placed in the internal database for rapid processing.

Speedy Implementation

Based on the domain ComplyScore extracts over 25-50 key contractual terms right out of the box. This enables speedy implementation and gets you up and running within a short period of time.
Typical Machine learning based contract extraction solutions have required skilled analysts to setup the solution. This means large setup costs and ongoing maintenance costs.

ComplyScore provides one of the easiest platforms to setup extraction rules. Using an easy to use interface, users setup their own rules, teach and refine the platform to extract data, setup rules for specialized terms and business-specific provisions

Intelligent & Improved solution

As extracted data is corrected, the solution learns and becomes more intelligent and improves the fidelity of data extracted and inferences made.
Our contract discovery solution can also be used as a contract management system with its own native database structure. You can transfer all your current contracts from various sources and formats to the ComplyScore solution.

Alternatively, you can use our contract discovery solution in conjunction with your existing contract management system/s, using only our extraction and inference capabilities.

CHALLENGES ADDRESSED

Corporate contract and other legal documents can be stored in various media including paper, and in the form of structured as well as unstructured electronic data.

Our solution can accommodate both structured and unstructured data. We handle PDF, Word and Excel documents and scanned images of paper documents with equal ease.

We convert all these documents into our native format to perform extractions, reach inferences and report on overall risks and exposures.
Regulatory requirements may need processing of large volumes of documents in a short period of time. Similarly, businesses add significant new documents, each with its own obligations, requiring businesses to deploy an automated approach to extracting critical terms and conditions.

Our high performance extraction is one of the fastest in the industry and processes thousands of documents in minutes.
All term extractions are not created the same. While certain terms can be easily extracted using standard routines, many terms may be spread across multiple sections of the document, requiring inference capabilities.

ComplyScore uses powerful natural language processing coupled with deep learning algorithms to produce results that match the required results.

Sometimes you need a firm that can do the work for you. ComplyScore not only provides the solution, but also provides services to extract contract data and make inferences, and report the results back to you

Who uses ComplyScore Discovery

HOW COMPLYSCORE CONTRACT DISCOVERY WORKS?

 

 

ComplyScore combines the power of natural language processing and machine learning along with an intuitive and friendly user interface to provide an unparalleled solution for contract term extraction and analysis.

Extracted terms are viewed through an online interface, which allows further editing and integrated learning. This ensures that system keeps learning and improves performance.

Vendor Tracking, Avoid security breaches, AIC MAR audits

System Setup

For the initial phase of your first project our ComplyScore team will review the documents to be analyzed and the terms to be extracted (baseline), discuss strategies, setup the initial terms to be extracted from baselined set of documents, analyze the terms to be extracted, and verify the output.Once the system is primed, production begins. During this phase we train client’s users to undertake ensuing discovery projects.

Automated Due-diligence, On-going risk assessments, non-compliance

Production and ongoing extraction

During this phase documents will be imported, store in the system with associated metadata, key data will be extracted and uploaded, corrections will be made and reports will be produced. ComplyScore analysts will always be available for support should certain terms realize low level of accuracy in extraction.

Stop list verification, Insurance certificates & SSAE16 certificates

Subsequent projects

At the end of the initial project client’s team members will be sufficiently trained to setup the system, run the discovery process, and arrive at actions to be taken and recommendations to reduce overall risk.

DESIGNED TO ADDRESS INDUSTRY NEEDS

Healthcare Provider

Survey management, FDR and FWA assessment, Contract Management
Helps extract Rate tables and schedules, CPT codes, departments and facilities to comply with regulation like HIPAA, ACA and stark.

Financial Services

Risk Assessments, Compliance Updates, Third Party Management
Helps meet multiple requirements including ISDAs term extraction, notification requirements for various events, jurisdiction extraction, insurance requirements and SLAs.

Health Insurance

GRC for health insurance , managing multiple risks and regulatory changes
Coupled with our Prime solution, ComplyScore helps extract provider contracts to identify the programs the providers are contracted with, an essential element of Medicare regulation.

Legal Services

Health Insurance GRC, Task Management, Contract Management
Helps Law firms in rapid extraction of terms like liabilities, service obligations, indemnifications, data breach obligations.
Infographics_Vendor_Governance - ComplyScore