We’ll talk about two concrete examples: one major law firm that developed a legal self-service toolbox, and another that helps banks and businesses deal with international trade sanctions.
Building on the Berkeley platform, a major law firm recently developed a procurement tool that automatically assesses the risk associated with a particular contract. It puts a label of high, medium, or low risk on the contract. Low-risk contracts are fully automated, while procurement looks over the medium-risk contracts and only the high-risk cases end up on a legal counsel’s desk. This tool allows non-experts and other business users to perform legal tasks in order to unburden internal legal counsels and save on external spending. Also, it helps speed up much routine work and changes the position of a legal department within a company.
Our second example concerns a tool that enables a rule-based, automated approach to help banks and businesses meet demanding regulatory requirements. The US and the EU have created a complex landscape of regulation in international trade in order to advance political goals. What’s new these past couple of years is not just the scope but the speed at which new sanctions are being imposed. The Berkeley platform allows compliance experts not only to create decision tools which allows business users to make the right decisions independently, but also easily update businesses on the latest regulations. Ensuring compliance at all time.
