June 21 by Cory Haynes

More and more financial services, sales, procurement, legal, and compliance departments need to read, analyze and score, rank and negotiate 3rd party contracts for deals, litigation, and vendor assessments.

In the past, Commercial Banks and Asset Managers could hire a militia of lawyers and operations personnel to review and amend third party paper for contracts, syndicate loans, International Swaps and Derivatives Association (ISDA) Master Agreements and associated Credit Support Annex (CSA). However lower margin environments and technology disruptions has forced many to consider growth from lowering operations costs.

According to a Bloomberg news article: JPMorgan Software Does in Seconds What Took Lawyers 360,000 Hours by Hugh Son “JPMorgan is scouring for more ways to deploy the technology,” the story says, “which learns by ingesting data to identify patterns and relationships. The bank plans to use it for other types of complex legal filings like credit-default swaps and custody agreements. Someday, the firm may use it to help interpret regulations and analyze corporate communications.” The article goes on to say the machine learning software has reduced human hours and helped reduce loan-servicing mistakes that were often attributable to human error in interpreting 12,000 new contracts per year.

What is Intelligent Contract Lifecycle Management (iCLM)?

Apttus’ Intelligent Contract Lifecycle Management (iCLM) leverages our category leading CLM software infused with the artificial intelligence of machine learning to read, extract and interpret critical business information from large volumes of documents and unstructured data—then use our patented worfkflow technology to negotiate, review and approve your contract through a seamless digital interface. With iCLM you can increase productivity, reduce cost, save time and transform unmanageable projects into streamlined processes.

Apttus’ iCLM is built for auto-underwriting and risk analysis based on 5 principles:

contract lifecycle management

Powered by Apttus and Kira Together

The combination of Kira legacy import and Apttus Intelligent Import will dramatically speed migration from other contract repositories.
The Kira Platform applies AI to import legacy contracts while populating a CLM. During the legacy migration process, Kira will be trained to identify any desired customer-specified clauses that are important to their business. These clauses can then be made available for ongoing third-party import in Apttus, enabling seamless searching within Apttus CLM of both legacy and ongoing third-party paper.

Unlike competing offerings, the Apttus intelligent import is pretrained to identify a wide variety of clauses to a high level of accuracy and can be extended to additional clauses as desired. Kira’s Quick Study feature can also be utilized during legacy migration projects to easily train, find, and extract new clauses, which can be then imported into Apttus for further use.

Machine learning intelligence is trained for your specific needs and can be used interchangeably between Apttus and Kira platforms: Kira for legacy contract and bulk import projects; Apttus for third party contract scoring, analysis, review, workflow, negotiation, signatures and reporting. Together we give you the power of consuming 3rd party paper and gaining insights to streamline decisioning and enable your business to increase review cycles by 3x.

We are empowering financial institutions to be more competitive and increase volumes while lowering operation costs. Call Apttus today to learn more.

Learn how you can migrate contracts faster, more efficiently and with full visibility. Download the Apttus Intelligent Import Datasheet today.

contract lifecycle management

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