Search Vendor RAVN Systems Embraces Buzzwords
February 19, 2016
The article titled RAVN Systems Releases RAVN ACE for Automated Data Extraction of ISDA Documents Using Artificial Intelligence on BobsGuide details the needs of banks and other members of the derivatives market. Risk mitigation leads to ongoing negotiations that result in major documentation issues to keep up with the changes. The article explains how RAVN has met these challenges,
“RAVN ACE can extract the structure of the agreement, the clauses and sub-clauses, which can be very useful for subsequent re-negotiation purposes. 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 or XML output for analysis.”
Not only does RAVN ACE do the work in a fraction of the amount of time it would take a person, the output is also far more accurate, always good news when handling legal documents. The service also includes an audit service that compares terms from the documents with the manual abstraction. By doing so, RAVN ACE is able to analyze the risks and even estimate the amount of negotiating necessary to complete the contract.
Chelsea Kerwin, February 19, 2016
Sponsored by ArnoldIT.com, publisher of the CyberOSINT monograph
It Is Not a Bird in the Law Firm
November 3, 2015
In science-fiction, artificial intelligence is mostly toyed around with in robots and androids. Machines that bear artificial intelligence either try to destroy humanity for their imperfection or coexist with humanity in a manner that results in comedic situations. In reality, artificial intelligence exists in most everyday objects from a mobile phone to a children’s toy. Artificial intelligence is a much more common occurrence than we give our scientists credit for and it has more practical applications than we could imagine. According to PR Newswire one of the top artificial intelligence developers has made a new deal for their popular product, “RAVN Systems’ Artificial Intelligence Platform Is Deployed At Berwin Leighton Paisner.”
RAVN Systems is known for their top of line software in enterprise search, unstructured big data analytics, knowledge management, and, of course, artificial intelligence. The international law firm Berwin Leighton Paisner recently deployed RAVN Systems’s RAVN Applied Cognitive Engine (RAVN ACE). RAVN ACE will work in the law firm’s real estate practice, not as a realtor, but as the UK’s first contract robot. It will use cutting-edge AI to read and interpret information from documents, converting unstructured data into structured output. RAVN ACE will free up attorneys to complete more complex, less menial tasks.
“Matthew Whalley, Head of Legal Risk Consultancy at BLP commented, ‘The robot has fast become a key member of the team. It delivers perfect results every time we use it. Team morale and productivity has benefited hugely, and I expect us to create a cadre of contract robots throughout the firm. If the reaction to our first application is any indication, we will be leading the implementation of AI in the Law for some time to come.’ ”
RAVN ACE has more applications than writing real estate contracts. It can be deployed for financial services, media, telecommunications, and more. Taking over the menial tasks will save on time , allowing organizations to reinvest time into other projects.
Whitney Grace, November 3, 2015
Sponsored by ArnoldIT.com, publisher of the CyberOSINT monograph
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