The Post-Brexit Contract Checker allows for an easy language review of different types of documentation, determining which language needs to be changed or updated. This tool can also be particularly useful in the drafting phase of commercial and financial documents, such as offers of securities, benchmark disclosure reports, MAR, and BRRD related documentation.
December 31, 2020 marked the end of the transition period following a long-waged Brexit journey that commenced with the United Kingdom’s referendum on membership with the European Union back in 2016.
The BRYTER No-Code Platform underlies several contract drafting and amendment applications in the wake of Brexit, as many institutions are preparing to fully automate the process.
With the ongoing effects of Brexit still to be determined, trends in amendments of clauses in the financial sector and commercial boilerplate clauses can be associated with organizational challenges such as manual review.
In turn, departments across organizations are inundated with time-consuming requests and face a high opportunity cost. With many of the amendments to be challenged, progressive alterations in clauses are to be expected in the near post-Brexit future, as trading blocs, countries and companies align with the newly established strategic market positions. To do this effectively, they need a standardized and scalable review process that supports the reviewing and amending of large volume of records.
BRYTER provides a centralized automated document review platform with optional contract analysis software integration. By using the BRYTER Post-Brexit Contract Continuity Checker, corporates and legal teams avoid lengthy and repetitive manual reviews, while benefiting from the efficiency and accuracy BRYTER ensures.
Background
Starting from June 2021, any kind of contractual documentation which applies between countries within the European Union and the United Kingdom require amendments regarding the language and the references used. This spans all corporate business areas, from trade agreements to data privacy and protection initiatives and policies, elevating the need for consistent and accurate legal operations.
Impact of post-Brexit (dis)continuity
And yet most of these efforts are tackled manually. The nuanced nature of these agreements and multiple relations between EU, non-EU, and UK stakeholders makes it difficult to copy-paste amendments to contractual documentation, leaving companies exposed to heightened risk of non-compliance and lost business opportunities.
Post-Brexit is a particularly busy time for law firms and in-house legal departments, having to review large volumes of documents to be updated or amended. As a result, legal professionals, swarmed with an increasing number of legal advice requests, have a reduced capacity to address other strategic and business development issues, which leads to less effective decisioning in crucial questions and pushes up the regulatory risk.
Automating post-Brexit continuity efforts
With BRYTER, the user can build an automated post-Brexit Contract Continuity Checker, which allows for a quick and easy language review of different types of documentation, determining which language needs to be changed or updated. This tool can also be particularly useful in the drafting phase of commercial and financial documents, such as offers of securities, benchmark disclosure reports, MAR, and BRRD related documentation.
As these types of documents usually contain many definitions across hundreds of pages, they are very accessible to the automated review process.
In addition to integrations with document analysis software, the BRYTER No-Code tool enables the user to use document automation to create an automated document in compliance with new primary market language (as provided by the relevant authorities from time to time).
Further, BRYTER can create a report outlining which clauses or documents require updates, based on the input and results detected by the software in the background. The checker offers a completely customizable structure which can be tailored to the specific user’s needs and review processes.
Consequently, all corporate departments, from legal to sales, ensure full compliance with most recent regulatory amendments, safeguarding their and their clients’ market standing and reducing risk exposure. By automating repetitive yet unique contract continuity activities, corporates and law firms have greater capacity to focus on high-impact post-Brexit issues, responding timely to market and customer needs, in real time and based on data-driven insights.
Try BRYTER yourself or read our No-Code and Workflow Automation guides to see how BRYTER no-code platform can help you automate your services.
Benefits
Automated & Standardized
The Post-Brexit Contract Continuity Checker automatically produces a document with standard language and a report with guidance based on the user’s input.
Faster Execution
Available 24/7, the Post-Brexit Contract Continuity Checker streamlines an otherwise time-consuming manual review process, ensuring faster execution.
Integrated
By offering seamless integration with the existing IT infrastructure, results produced by the Post-Brexit Contract Continuity Checker can be recorded either on existing databases and BI tools or in a BRYTER database for further processing.
Highly customizable
As every application built on BRYTER is entirely customizable, the Post-Brexit Contract Continuity Checker can be modified to accommodate a company’s unique requirements. The BRYTER No-Code Platform gives unparalleled opportunities for simple customization.
How it works
Go through Q&A
Through a customizable and user-friendly questionnaire, the user provides all relevant information regarding the applicable language standards and governing laws, which are then automatically processed with the integrated contract analysis tool. The user’s inputs determine which logic is applied during the automation process.
Receive assessment
Based on the information provided, the tool generates a full assessment report, along with necessary draft amendments. Meanwhile, a full audit trail is maintained to document and provide proof of any assessments and their results.
Keep up to date
The open architecture of the BRYTER platform allows the application to be updated continuously, in the background, ensuring that the results are always in line with the review criteria in the post-Brexit climate.