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Hogan Lovells has launched an AI-based tool in collaboration with FTI Consulting to help businesses comply with new European Banking Authority (EBA) outsourcing requirements.
The EBA Outsourcing Solution uses machine learning software to process outsourcing agreements and identify any terms that need updating in order to secure compliance with the new regulations.
Banks, larger investment firms, payment and electronic money institutions all fall under the EBA’s remit and are required to update existing outsourcing agreements by the end of 2021.
The tool, which is powered by Kira’s contracts review software, was developed by a Hogan Lovells team led by technology partner John Salmon and FTI Consulting managing director Ryan Drimalla.
Salmon said: "By supplementing our machine learning software with human review quality control, we maintain high levels of accuracy to ensure only relevant legal issues are sent to our teams for varying or redrafting."
It is the latest initiative to emerge from the firm’s Legal Delivery Centre which offers FTI Consulting’s ‘legal subject matter experts, project managers, contract analysis professionals, platform and data technologists and collection specialists’ working alongside Hogan Lovells’ lawyers with ‘alternative resourcing’ provided by Elevate and Cognia Law.
Existing tools offered by Hogan Lovells include Blockchain — which looks at different uses of the technology — and its LIBOR Tool, which aims to tackle the financial services industry’s transition away from using Interbank Offered Rates (IBOR).
The firm’s strategy of collaborating with other market players is in line with many leading law firms.
In January US alternative legal services provider UnitedLex signed a deal with Polsinelli to launch a jointly run litigation support centre and earlier this month it acquired Paul Hastings’ data science group.
In February, Eversheds Sutherland’s new law arm, Konexo, teamed up with accountants Grant Thornton UK and DXC Technology to unveil a service advising on the IBOR transition.
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