Use NLP to speed up Regulatory Compliance
A billion dollar global investment bank needed a way to identify critical contracts and potential violations to comply with the Dodd-Frank Act.
Originally they sent vendor contracts to a third-party offshore team to manually flag suspect language, which took a large amount of time to review. By utilizing our NLP platform, our client was able to cut down review time, costs, and improved accuracy.
The Lymba Solution
Process
We created a semantic method to process and compare contracts against the bank’s definitions and interpretations of the Dodd-Frank Act. Using semantic understanding instead of simple keywords, we extracted complex contract clauses such as: Cross-Default Termination Events, Change in Control, Anti-Assignment Restrictions, and Default/Termination provisions based on other conditions.
Outcome
We analyzed contracts and automatically picked up potential problems and issues without initial human reading. Our process helped the bank speed up review times, increase accuracy, and save money.