Benchmark Reform
Case Study
LIBOR Due Diligence
BENEFITS
The system was rapidly deployed and the extraction helped automate capture of relevant values and clauses across a very wide variety of contract types, with linkage directly into the image layer of the scans, providing legal experts a perfect mechanism for rapidly understanding context.
The system output and data capture linkage will be invaluable for onward remediation efforts.
contracts
contract types
pages processed
CHALLENGE
The bank had a very large volume and variety of contract types and needed to quickly identify those affected by benchmark reform.
There were a large number of duplicate contracts, contracts where the entity names in the contract did not match banks internal entity data and a number of multi-scan contracts.
The client needed to extract multiple data points including numerous bank entities and counterparty names, reference rates, termination dates, fallback terms and triggers, execution status etc.
A robust workflow review process was needed including full audit trail, with both structured data points and clause text captured for reporting purposes.
The bank had tried to use internal e-discovery and document processing software but needed help. They had evaluated all the usual contract analysis software products but found none of them could solve the challenge with any degree of accuracy and needed a cost effective solution that could be successfully wrapped by expert review from process experts and magic-circle law firm expertise.
The Lyncs automated document type categorisation was trained to organise the scans into agreement families, while entity data from the client was uploaded to ensure automated categorisation of entities against current bank entities. The build in duplicate detection functionality was highly valuable in identifying a large number of duplicate scans, while the workflow enabled expert teams to perform additional analysis and capture.