Simplify your contract governance process
Simplify your contract policing and governance process and deliver key contract risk analytics. RAVN Govern compares negotiated agreements either against a body of similar agreements to establish machine-learned standards or with the original template, if available, or, Zones where the content changes between contracts are automatically detected and these elements are then extracted for analysis and compared with automatically or manually established rule sets. Deviations can then be prioritised, assigned a corresponding risk factor and flagged, via workflow, to the appropriate personnel for action. You are in total control of priority levels and workflow.
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Strategically, RAVN Govern enables your organisation to make risk based decisions based on contract risk analytics data. The contract risk analytics dashboard reports display the overall extent of contractual risk held by your organisation across different products, business lines and geographies. This data can enable you to decide how best to mitigate that risk, be that by setting aside an amount of risk capital, to insure a portion of that risk to look to trade risk or to change product strategies to avoid some risks altogether.
Empower Front Line Staff
Tactically, the RAVN Govern solution provides a mechanism to promote self-policing of contracts pre-signature. Front line staff can see the degree of risk to which negotiated contracts expose the organisation. They will better understand the review processes a submitted contract needs to go through and be encouraged to negotiate more in line with the Enterprise’s optimum risk profiles. This will reduce the number of exceptions that have to pass through costly and time-consuming business or legal reviews.
Reduce the Legal Review Process
Operationally, RAVN Govern saves time and effort for sales/purchasing teams, legal teams and business approvals committees. The clear and simple user interface allows both sales teams and reviewing committees to quickly, efficiently and reliably identify unacceptable deviations from standards and in so doing to reduce the manual effort and delays in arriving at the appropriate contract governance and risk decisions.
Contract Risk Analytics
Identifying the differences in contract sets is useful, perhaps in terms of a due diligence exercise. But being able to evaluate the impact of those changes to the business in terms of associated risk is where Contract Risk Analytics adds real value. Contract Risk Analytics are a core part of the RAVN Govern product: contractual risks are quantified and aggregated according to contract type, contract negotiator or any other specified or extracted Key Performance Indicator (KPI). They can be reported (both pre- and post- signature) in a simple dashboard, with visual analysis tools as standard. Because Contract Risk Analytics quantifies contract value and risk across contract types, it could open up the opportunity to offset risk to insurers or niche risk trading mechanisms for particular business or product lines; and in so doing, free up investment capital for other business uses.
RAVN Govern can ingest and process hundreds of millions of contracts. The technology efficiently scales up in a linear fashion resulting in small foot-print (cost efficient) systems for low data volumes and scaling-up to hundreds of millions of documents for high throughput and availability requirements.
Being built on top of the RAVN Applied Cognitive Engine (ACE) technology stack, RAVN Govern leverages the underlying ingest, object storage, linking, cognitive processing and search capabilities. This makes RAVN Govern a very flexible and scalable solution, which can be configured to connect to any content source (or sources) and to integrate back into chosen workflow or contract lifecycle applications.
- Ingestion: A RAVN Govern ‘node’ can process thousands of documents per hour. For situations where higher throughput is required, the system can be scaled up by adding parallel RAVN Govern processing nodes;
- Once the documents are processed and available in RAVN ACE, the user can search and view them with sub-second response times.
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Latest Case Study
Read our latest customer experience showing how our products have benefited their organisation
- RAVN Manage and RAVN Connect Enterprise supplement our current systems extremely well. With both systems, searches become even more efficient and documents may be retrieved significantly faster than before. The fact that the systems understand how people work together and are able to spot cohesion through entire cases is a real strength in our daily operations. In Bech-Bruun, this is a highly strategic focus area. Moreover, RAVN is a pioneer in the area and we consider this as the first step to full implementation of AI.Stefan Winqvist, CIO at Bech-Bruun
- RAVN ACE robot is 10 million times quicker than the manual labour it replacedMatthew Whalley, Head of Legal Risk Consultancy, BLP, Legal Futures Event Quote
- Our 'contract robot' can now finish in less than two seconds work which would have taken a team of people 100 days to complete.Matthew Whalley, Head of Legal Risk Consultancy at BLP
- RAVN were very good at adapting a technical product and speaking about it in a non-technical way. We explained the problems we were facing and they offered a solution and explained it in an easy-to-understand and user friendly way.Victoria Blanchard, Consultant at Berwin Leighton Paisner
- RAVN ACE is the most exciting new development we’ve seen for several years…a true next generation systemIndependent Legal IT Consultant at Inside Legal IT event