Contract Management for Banking, Insurance & Financial Services

Contract Lifecycle Management Software for the Banking, Financial Services & Insurance

The Financial Services sector is comprised of diverse industries including banks, venture capital firms, insurance companies, financial institutions, money markets, etc. All of these help keep businesses across sectors functioning smoothly every day. Transactions in this sector are primarily structured through contracts and are governed by external yet ever-changing state and federal regulations.

The sheer volume and complexity of contracts have made it crucial for the BFSI industry to adopt and adapt to AI-led effective contract management systems. The BFSI industry can now realize significant steps of improvements by leveraging AI to streamline contract management processes. This will help to reduce risks, increase revenue, improve compliance, and gain deeper insight into contractual obligations as well as milestones.

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Contract Management Challenges in BFSI

  • High-risk, high-value contracts (with brokers, consultants, advisors, and customers) making fine-print review a necessity
  • Industry, state, and fiduciary compliance relating to Consumer Financial Protection Bureau (CFPB), Bank Secrecy Act (BSA), Know Your Customer (KYC), ASC 606 (Revenue Recognition), IFRS 16 (Lease Obligations), etc.
  • High need for data security owing to sensitive customer data and increased privacy regulations
  • Strict internal & external audit guidelines demanding all-time availability of audit-ready records
  • Poor contract visibility due to absence of centralized, digital storage across geographies and departments
  • Millions of existing contracts often need to be updated or amended during their lifecycle, such as changes to regulatory obligations

Contract Management Solutions for Banking, Financial Services & Insurance

Ultria CLM – Enterprise Contract Management Software for Banking, Financial Services, & Insurance industry enables organizations to streamline all contract management processes. It helps to reduce risks and design a better compliance management framework:

  • AI-powered contract authoring, Robotic Process Automation (RPA), and condition-based approval workflows for faster contract turnaround
  • Pre-approved templates and clause library with hints to ensure inclusion of all necessary contract terms and conditions
  • SOC2 Type-2 certified technology architecture with secure access controls configurable by role or other parameters
  • Auto-tracking of versions throughout review & negotiation for accurate audit trail
  • A centralized contract repository for all legacy and on-going contracts with advanced search options
  • An updated, smart clause library to automatically identify all redundant clauses and update them with any updated/new clauses and regulations
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Other Relevant Resources

EBooks
April 7, 2021

Ultria Contract Management for Legal Operations

“The need for legal departments to operate more efficiently during the pandemic accelerated the trend of corporate legal departments hiring legal operations professionals, according to Thomson Reuters’ 2021 State of…
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Blog
March 17, 2021

AI Capabilities to Look for in a Contract Management Software

The contract lifecycle management (CLM) market is growing incredibly as validated by the Forrester Q1 Report 2019. But as the market is expanding, basic contract management technology is becoming outdated.…
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EBooks
March 15, 2021

Ultria Contract Management for Procurement Teams

With rapidly growing complexities of the sourcing environment, expectations out of procurement teams are way beyond cost savings. A company’s operational efficiency and financial integrity depend a lot on procurement…
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Whitepapers
March 2, 2021

Contract Automation Empowering In-House Legal Teams

Businesses today aim at optimizing performance while controlling costs — which is no easy job in these challenging market conditions. However, there are many ways in which enterprises can meet…
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“

We use Orbit AI to help evaluate corporate acquisitions; to evaluate revenue contracts and supply chain risks. We find that in addition to the huge number of metadata elements and clause types that Orbit is already trained for, we can easily use our business user inputs to teach Orbit what we feel is critical for our evaluations.

Managing Counsel - F1000 Holding Company
“

Ultria's Orbit AI does a great job of understanding the intent as well as the content of a clause. Then by associating the clause to one of our own, we can group and analyze contracts efficiently.

VP Risk & Compliance, F250 Financial Services Company
“

Using Orbit to provide "rails" to keep our business users in compliance while also streamlining the agreement review request process gives us both the speed the business unit leaders are asking for as well as the controls that we insist on

Manager Contract Operations - F100 Services Company

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