Thomson Reuters teamed up with Logical Construct to help global financial institutions
Thomson Reuters and Logical Construct Collaborate on Contract Data Management Solution for Financial Services Industry
Thomson Reuters has teamed up with Logical Construct to help global financial institutions gain visibility into the key legal and economic terms and risks hidden within their legal documentation with a full-service contract data management solution.
Financial institutions are being pressed to keep pace with a myriad of regulations including uncleared margin reform, the Packaged Retail Investment and Insurance-Based Products (PRIIPs) regulation, minimum record-keeping requirements under the Bank Recovery and Resolution Directive (BRRD) and Dodd-Frank. As a result, there is a growing need to better handle contract data and access the contractual terms buried in agreements. By joining forces, Thomson Reuters and Logical Construct are able to provide the technology and processes to help financial institutions build a holistic view of such data.
The collaboration between the two organizations combines advanced data extraction technology from Logical Construct, with the scalable alternative legal managed services offered by Thomson Reuters. The integrated offering converts paper and images to searchable text, delivers pre-built and customizable data models to extract key legal and economic data, and provides dashboards, workflow and filters to identify key agreements and their respective data points. Thomson Reuters Legal Managed Services manages the technology and related processes to ensure a rigorous level of quality control and assurance.
The combination will enable global financial institutions to turn the unstructured data that resides within their agreements, into structured data that can be analyzed in seconds and connected to internal and external systems, such as risk, legal, pricing and collateral management systems through the use of APIs.
In addition to delivering data that is accurate, searchable and auditable, the integrated service offering is flexible and highly adaptable to a vast array of relationship and transactional level documentation such as ISDA Master Agreements, Credit Support Annexes, GMRAs, MRAs, prospectuses, Master Confirmation Agreements, Pricing Supplements and many more.
“Thomson Reuters strives to address its clients’ ever-changing challenges. Through this collaboration with Logical Construct, we help banks derive intelligence from their vital contract data with a single vendor full-service solution, that combines our legal expertise and deep domain knowledge from working with many of the world’s largest global banks with leading-edge technology that is purpose-built to handle complex documentation needs,” said Eric Laughlin, Managing Director, Thomson Reuters Legal Managed Services.
“Many financial services companies still face the daunting challenge of accessing data that lies buried in image-based scans of contractual documents,” said Luke Trigg, Managing Director, Logical Construct. “We are excited Thomson Reuters is collaborating with us and leveraging our platform to round out its industry-leading legal managed services for the benefit of global banks and other financial institutions.”
Thomson Reuters Legal Managed Services provides alternative legal services including financial trade documentation, regulatory change management, managed discovery, document review and analysis, and contract management. Logical Construct’s Lyncs platform uses a combination of information extraction, natural language processing and machine learning techniques to achieve the best extraction results.