EIQ Platform for Hyperautomation in Legal and Risk Management
Hyperautomation Enablement Platform for Legal and Risk Management
Risk and Compliance Automation
Build a bullet-proof risk and compliance framework for effective fraud detection and sanctions screening with a hyperautomation enablement platform for legal and risk management.
How does it work?
- Automate export control or sanctions screening checks for prospects to ensure compliance before doing business with them.
- Respond to regulatory changes and carry out periodic regulatory filings as needed by industry or region.
- Build “expert assistants” using conversational interfaces to provide ad-hoc support.
Intelligence in Internal Audit Function
By embracing hyperautomation for legal and risk management, adopt a systematic and predictable approach to infuse automation for continuous audits across enterprise functions.
How does it work?
- Redesign the internal audit process to create automation hooks across the controls landscape, including ITGC, O2C, and P2P.
- Convert unstructured data into structured data coupled with document digitization.
- Implement continuous control testing based on business rules and anomaly detection.
Contracts Management
Augment legal teams with “digital workers” for tangible productivity enhancement and improved accuracy with a safeguarded reliance on hyperautomation for legal and risk management.
How does it work?
- Identify “red flag” items in counterparty contracts with NLP-based due diligence and contracts review.
- Drive contract standardisation by automating templatized creation of new contracts to avoid deviation from standard terms.
- Automate contracts novation and repaper contracts in case of a merger or acquisition.
Regulatory Filings
Use a powerful hyperautomation enablement platform for legal and risk management to eliminate the manual effort involved in tracking regulatory calendars and associated filings.
How does it work?
- Automate government agency approvals and reporting per regional calendars, such as labor law compliances.
- Ensure policy compliance and audit trail across all departments and regions within the enterprise.
- MIS report generation for functional heads and building conversational interfaces for ad-hoc queries.
Talk to us today to understand how the EIQ platform automated the claims processing processes of a corporate to improve efficiency.
Automation of Regulatory Response and Claims Processing
Client Context
A UK corporate had to respond to regulatory action and provide an automated system for claims processing by its household and non-household customers.
Business Process Area
Claims Validation and Payment posting within Claims Processing.
Value Delivered:
- 75% Reduction in the BPO team handling claims
- 90% Straight-through processing of claims
- 400 Mn GBP worth of claims processed