The Contract Risk Assessor provides a risk rating for contracts reviewed or negotiated. By incorporating contract risk criteria, the Contract Risk Assessor is able to score the risk profile for each contract uploaded.
This not only ensures a more consistent approach to agreeing on contract terms but also mitigates the risks of agreeing to provisions which fall outside acceptable terms.
The Contract Risk Assessor can also integrate with contract analysis tools such as Kira, Luminance and RAVN to identify key provisions in a negotiated document and determine the risk profile for each of the terms identified, using a sophisticated customizable risk scoring model.
This offers professionals as well as commercial teams with an overall risk rating for their contracts. The tool can be easily adapted and customized to accommodate risk criteria for all manner of contracts (e.g. supply agreements, procurement contracts, intellectual property or trademark agreements, etc.).
Reviewing and negotiating contracts is a time-consuming and costly exercise. In most companies, contracts are still checked manually by in house legal teams to, or sometimes even disregarded opening up liability risk. Already now, this type of manual work takes up about half of a legal professional’s work week and the workload is expected to rise even further over the next three years.
Issues of manual contract reviewing
Typically, each contract includes several stakeholders, who all need to provide input, review the contract and its amendments for accuracy and agree on the legally binding terms.
When done manually, contract reviewing creates significant overhead for all teams involved, as different versions of the agreement and redlining requires an endless loop of alignment among stakeholders. What’s more, there can be significant risks to the business in case of misalignment. For many companies this area feels almost like a “black box” without clearly defined and unified processes, audit trails and proper analytics.
The lack of a single source of truth causes errors with potentially far-reaching consequences. As a result, legal, compliance and commercial teams get overwhelmed with each contract and start to fall behind the incoming requests, ultimately risking lucrative deals and competitive market position.
On the other hand, contract reviewing simply needs to be done to drive commercial success and prevent lost business opportunities.
Automating contract reviewing
The Contract Risk Assessor built on BRYTER allows legal, compliance and commercial teams to streamline contract reviewing process significantly and identify higher risk contracts immediately. For example, if a contract includes an indemnity carve out or has not been reviewed by Legal, the Contract Risk Assessor can easily identify this contract as higher risk.
Our risk management software offers immediate insight into the risk profile for each provision identified against the company’s risk criteria. It also helps identify what changes need to be made to the document.
In turn, companies can speed up their response time, remove bottlenecks and provide data-driven expert guidance to all contract stakeholders on crucial contracting matters in near real-time. This enables stakeholders to address a larger volume of high-value contracts, in an automated fashion, while helping in high-risk cases on a when-needed basis. At the same time, stakeholders can fully automate the reviewing of a large volume of low-value tasks that otherwise consume a big chunk of legal teams’ time. Meanwhile, the standardized and automated contract reviewing process ensures full compliance with industry standards and regulatory frameworks.
Automated & standardized
The Contract Risk Assessor helps identify and provide a risk profile for contracts in a fraction of the time it takes for a manual review. It also helps to ensure consistency in the way any terms identified as risky are amended, renegotiated and ultimately, implemented.
Save up to 60% of time reviewing contracts and ensure they reflect your acceptable terms.
Smooth integration with the existing toolset
The Contract Risk Assessor can be easily integrated with a variety of contract analysis tools, including Kira, RAVN or Luminance.
The Contract Risk Assessor can be accessed by any professional at any time. Remove bottlenecks and enable teams across the business by automating expert guidance and making it easily accessible and available 24/7.
Tailor to house style templates
Every application built on BRYTER is highly customizable. The Contract Risk Assessor can reflect the unique way in which enterprises assess the risk profile of key terms in contracts and applies sophisticated scoring to enable a risk rating for each contract reviewed.
How it works
Define risk criteria
By incorporating the existing set of acceptable risk-criteria for contracts, the Contract Risk Assessor scores contracts based on how well they met those criteria. For instance, contracts which more closely reflect terms acceptable to the business are identified as less risky.
Customize the review process
Through a customizable, user-friendly and interactive questionnaire (reflecting business-specific contract risk criteria), the user answers a standard set of questions which informs the risk profile for each of the provisions in the contract. This process can also be customized to align with the existing workflow. For instance, once completed, users can automatically generate a house-style version of a risk report and a contract mark-up, as well as automate the escalation of key issues to other business areas, such as the legal department, via e-mail.
Additionally, by integrating with a contract analysis tool, key provisions in the contract can be displayed in the Contract Risk Assessor interface to speed up the review and assessment of each provision’s risk profile.
A dashboard allows those administering the matters or workflows to easily see the number of contracts assessed using Contract Risk Assessor to date, as well as the time taken to do so to get a more in-depth view on the terms and risks commonly identified by the Contract Risk Assessor logic and scoring system.