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Webinar Overview
This webinar explores how AI is revolutionizing the contracting process, making life easier for in-house legal and legal operations professionals while improving business outcomes.
Watch this on-demand webinar featuring experts from Sirion and Consilio as they delve into practical AI use cases that streamline daily legal workflows, reduce contract review times, and minimize risk across the contracting lifecycle. Learn best practices for evaluating AI-powered CLM solutions, understand how to leverage generative AI, and discover actionable insights to improve your contracting process. This session is designed to provide real-world applications and tangible takeaways, helping you make informed decisions about AI in CLM.
Legal’s Guide to Contracting Excellence with Next-gen AI
Speakers
Trayce Marcelle
Chief Evangelist - Legal Technology, Consilio
Puneet Bhakri
Chief Revenue Officer, Global Alliances & Growth, Sirion
Jordan Lambert
Senior Solution Consultant, Sirion
The Highlights
How CLM Can Help Financial Institutions Prepare for DORA
With DORA set to take effect in January 2025, financial institutions are gearing up to meet new regulatory requirements. Our recent webinar explored how CLM platforms can streamline DORA compliance efforts.
Here are the top actionable takeaways:
1. Leverage AI for Contract Analysis
This one is a no-brainier. Why?
Businesses may need to review thousands of ICT-related (information and communication technology) contracts to ensure DORA compliance. Using AI within a CLM platform can save significant time and resources. It can help extract relevant clauses, identify gaps, and even suggest remediation language, dramatically reducing the manual review hours it would take to make DORA updates to all of your contracts.
2. Automate Compliance Reporting
DORA mandates ongoing reporting on various attributes. A CLM system can automatically extract many of these data points from contracts and integrate with other enterprise systems to provide a single source of truth for compliance reporting. This automation simplifies the reporting process and reduces the risk of errors.
3. Manage Third-Party Obligations
DORA will require businesses to closely monitor their ICT service providers’ obligations. A CLM platform’s obligation management module can track these requirements, send timely reminders, and facilitate evidence collection and approval workflows to ensure ongoing compliance.
4. Streamline Incident Management
DORA emphasizes the importance of ICT incident management. CLM systems can provide smart workflows to record, track, and manage incidents in real-time. This centralized approach improves response times and provides a clear audit trail for regulatory reporting.
5. Ensure New Contracts Meet DORA Requirements
When negotiating new ICT contracts, CLM platforms can automatically analyze draft agreements for DORA compliance issues. The system can flag potential problems, suggest compliant language, and help streamline the negotiation process.
When it comes to contract management, business teams have often historically “set it and forget it” — but a contract can be a vital source of business insight when managed well.
Additional Resources
AI Contract Negotiation: Benefits & Best Practices
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