EIQ Platform for Legal and Risk Management
Stay ahead using a predictive approach for legal and risk management processes
Popular Legal and Risk Management Use Cases
Risk and Compliance Automation
Build a bullet-proof risk and compliance framework for effective fraud detection and sanctions screening.
How it works?
- Automate export control or sanctions screening checks for prospects to ensure compliance before doing business with them.
- Responding to regulatory changes and carrying 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
Adopt a systematic and predictable approach to infuse automation for continuous audit across the enterprise functions.
How it works?
- 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 upliftment and improved accuracy.
How it works?
- NLP based due diligence and contracts review for identification of “red flag” items in counterparty contracts.
- Drive contract Standardisation by automating templatized creation of new contracts to avoid deviation from standard terms.
- Automated contracts novation and repapering of contracts in case of a merger or acquisition.
Regulatory Filings
Eliminate the manual effort involved in tracking regulatory calendars and associated filings.
How it works?
- Automated government agency approvals and reporting as per regional calendars, for example, 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