Cognitiv+ is using AI for contract analysis and tracking
Another legal tech startup coming out of the UK: Cognitiv+is applying artificial intelligence to automate contract analysis and management, offering businesses a way to automate staying on top of legal risks, obligations and changing regulatory landscapes. Co-founder Vasilis Tsolis might therefore be forgiven for viewingBrexit as a sizableopportunity for his startup though he more tactfully describes it as a legislative challenge that we can help out with. Theres going to be a lot of changes in legislation, theres going to be a lot of changes in regulation,and you really need to know whats going to happen to your contracts and if you need to do any changes on your legal documents or not. So its going to be a huge challenge, he says of Brexit. I think this is going to happen more and more often, he adds, pointing to another incoming EU regulation that will be upping businesses compliance needs in the near future: aka the GDPR, coming into force (including in the UK) in May 2018. Because you see legislation changing so fast and its getting so much bigger that actually its impossible to monitor and impossible to read it. Who can read half million of pages? This is about day-to-day contract management but we think that compliance is going to be more and more strict, and its going to be much more difficult there are so many new regulations, about Slavery Act, about GDPR, MiFid II and so many other compliances that all thisaccumulated risk analysis from your contracts we think its not possible to be viable for humans anymore you need to bring the robots, he adds.
Read Full Article at https://techcrunch.com/2017/03/08/cognitiv-is-using-ai-for-contract-analysis-and-tracking/
Tags: analysis, automate, brexit, challenge, co-founder, cognitiv+is, compliance, contract, intelligence, legislation, management, monitor, regulation, sizableopportunity, slavery, startup, tsolis, vasilis, viewingbrexit