Automated extraction of ISDA CSAs using Artificial Intelligence

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In response to increasing regulatory requirements, banks and other participants in the OTC derivatives market need to improve their ability to manage counterparty exposures and the corresponding collateral obligations.
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Traditionally, this has required the terms of ISDA Master Agreements and their corresponding Credit Support Annexes (CSAs) to be manually transposed into collateral management systems which manage the collateral and margining processes, however these terms may not have been religiously updated as trading relationships and agreements have evolved over time.
These increased regulatory demands, born out of the financial crash, have seen a rise in central clearing for OTC derivatives, the use of trade depositories, tightening of eligibility criteria, Basel III capital charges and a change of internal counterparty credit risk management practices to name but a few constraints, now pushing operations departments to their limits.
As a result, Artificial Intelligence (AI) and the automation of the process of reading and extracting key provisions and definitions from contracts is becoming an increasingly attractive option for operations and legal departments to meet their regulatory obligations.
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The RAVN Extract for ISDA CSAs Solution

RAVN Extract, an application built on the RAVN ACE platform, combines elements of AI with information processing to deliver a platform that can read, interpret, extract and summarise the content held within ISDA CSAs and other legal documents. It converts unstructured data into structured output, in a fraction of the time it takes a human – and with a higher degree of accuracy.

Firstly, RAVN ACE can extract the structure of the agreement – the clauses and sub-clauses – which can be very useful for subsequent renegotiation purposes, particularly if you adopt renegotiation solutions that can leverage this structure.

It then further extracts the key definitions from the contract, including collateral data from tabular formats within the credit support annexes.
All this data is made available for input to contract or collateral management and margining systems or can simply be provided as an Excel sheet, XML file or any other structured form.

RAVN ACE also provides an in-context review and preview of the extracted terms to allow reviewing teams to further validate the data in the context of the original agreement.

Clients chose to work with RAVN as our ‘Applied‘ Cognitive Engine is thoroughly applied to the business. We listen to the firm’s issues and create a robot that specifically handles those issues within that domain. Our technology can be deployed as standalone solutions or some organisations chose to combine our products to complement each other, ensuring all needs are met.

There are various payment options – the technology can be delivered as a service, pay per document model or enterprise license.

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Even where companies have a good understanding of their contracts and collateral, RAVN’s AI based data extraction can provide an audit service to compare the actual terms in the current document set and addenda with what has been manually abstracted, often over considerable periods of time. Due to the historic nature of some agreements, and from past experiences of other manual abstraction exercises, there are likely to be differences. The audit process can validate your data and provide assurances that your policies are based on accurate data.
Having extracted (or audited) the metadata, AI data extraction systems can then analyse the contract estate, identify the high credit risk relationships and as a result, quickly and easily scope the size of the repapering exercise required.

Benefits of Automated ISDA Data Extraction

  • Automatically extract the terms of your OTC Derivative contracts (ISDAs/CSAs) for improved management and keep the cost of compliance under control.
  • Rapid audit of your contract estate understanding to ensure it is truly representative. Save the time and cost of the manual alternative.
  • Fast identification of the agreements that require repapering.
  • Mitigate the risk and penalties for non-compliance with the latest EMIR, FSB and other regulatory changes.
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Watch our Case Study on BLP’s use of RAVN ACE

See how RAVN ACE has benefited Berwin Leighton Paisner in terms of increasing efficiencies, mitigating risk, cutting costs as well as increasing staff morale.


Need more information?

Read our Extract for ISDA Review Brochure


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    Ole Møller, Vice President at Djøf
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    Flavio Romerio, Partner at Homburger
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