Contracts. They're the backbone of every business, but let's be honest, they can also be a massive source of anxiety. You're constantly worried about hidden clauses, potential liabilities, and the sheer volume of documents that demand your attention. Trying to manually spot every tiny detail that could turn into a massive problem down the road? It's time-consuming, increases your organization's exposure to potential risks, and can even lead to significant financial losses.
You're a busy professional, whether you're in legal, procurement, sales, or finance. Your plate is already full, and adding hours of painstakingly reviewing contracts just isn't sustainable. This isn't just about finding errors; it's about understanding subtle risks, ensuring robust compliance, and ultimately, safeguarding your organization's interests. The stakes are high, and the pressure to effectively identify and mitigate contractual risks is real. What if there was a better way to tackle this, allowing you to breathe easier knowing your contracts are secure? That's where AI solutions for contract risk management come into play.
VISDOM® AI: Your Partner in Risk Mitigation
At CobbleStone, we've developed VISDOM® AI, a powerful artificial intelligence (AI) tool backed by machine learning, designed to transform how you approach contract risk management. We've taken it to the next level with VISDOM+, integrating generative AI and other sophisticated functionalities. This system doesn't just manage contracts; it systematically analyzes them, transforming complex documents into actionable insights for improved oversight and, crucially, proactive risk mitigation. With VISDOM+, you can genuinely take advantage of smarter contracts that streamline your contract management process and significantly reduce your risk exposure.
Proactive Risk Assessment at Your Fingertips
Imagine being able to understand the risk profile of any contract type quickly. With VISDOM+, that's exactly what you get. Our system provides enhanced risk and language analysis, leveraging statistics, AI, machine learning (ML), and advanced analytics to give you a comprehensive view of your agreements and their associated risk scores.
At the click of a button, VISDOM+ delivers quick and easy risk assessment. You can effortlessly review high contract risk findings, pinpointed by generative AI. It's not just about flagging issues; you'll also receive generative AI-powered suggestions on how to mitigate those risks, helping your legal teams navigate complex contract language and potential pitfalls during contract negotiation. Furthermore, the system confirms matches between the new contract and your pre-approved clause library, ensuring consistency and adherence to your established risk parameters. This immediate insight is invaluable, allowing you to address critical concerns before they escalate.
Understanding Contract Sentiment for Smarter Strategy
Beyond just identifying direct risks, wouldn't it be powerful to understand the underlying "vibe" or strategic implications of an agreement? That's where contract sentiment and data analysis comes in. VISDOM+ allows AI to easily determine positive, negative, or neutral facts about newly introduced contracts. This gives your legal teams, procurement teams, and others incredible visibility and helps you craft a truly strategic approach to contract negotiation. You can trust a system that recognizes positive and negative relationships of data and patterns, powered by AI, to reveal nuanced insights that a manual contract analysis might miss. This deep analysis empowers you to make data-driven decisions that actively reduce risk and align with your organizational goals.
AI-Powered Tools for Comprehensive Risk Control
Our commitment to helping you identify and mitigate risks extends across various powerful features within your contract management process:
- Data and Clause Extraction (IntelliXtract): Powered by VISDOM AI, IntelliXtract gives you the power to look into your contracts and agreements to find key terms, legal phrases, and conditions. It identifies and extracts text using natural language processing, ensuring that crucial data points and potential risks are automatically highlighted and captured.
- Risk Assessment Mapping: When adding a new contract to CobbleStone Contract Insight®, VISDOM helps pinpoint potential risk by analyzing document text, allowing the system to identify both good and bad contract language based on rules-based sentiment. This provides a clear, objective risk assessment mapping for every agreement, complete with associated risk scores.
- Auto-Redlining: Our CobbleStone Auto-Redline feature automates the inclusion of clauses from your approved clause library, virtually ensuring that favorable, lower-risk contract language is included. This reduces the chance of human error introducing unintended risks.
- Theory Calculator: This tool provides you with recurring automated data analysis and on-screen recommendations. It conducts statistical data analysis to determine positive, negative, or neutral facts about each contract type, triggering alerts if a contract deviates from your established risk thresholds. It also helps you easily identify sensitive data like PII or financial information for redaction, further safeguarding your organization against data breaches and compliance risks.
- ConfigAI℠: This tool provides proactive CLM field recommendations for metadata fields for contract clauses, streamlining implementations. It helps you enjoy AI-based contract metadata field recommendations for common contract clause types, allowing for consistent data capture that supports robust risk management and governance, ultimately helping legal teams and procurement teams maintain control.
The Future of Risk-Averse Contracting is Here
In today's fast-paced business world, you simply can't afford to be bogged down by manual contract review and the inherent risks that come with it. The sheer volume of contracts, the ever-increasing complexity of regulations, and the constant need for speed and accuracy demand a new approach. By embracing generative AI for contract risk management, you're not just saving valuable time and drastically reducing manual errors; you're making smarter, more informed decisions that directly impact your bottom line and your overall risk posture.
You're transforming what used to be a time-consuming process and a source of potential risks into a powerful strategic advantage. This isn't just about automation; it's about intelligence and precision in risk identification and mitigation. It's about empowering your legal teams, procurement teams, and business units to focus on high-value, strategic work, rather than getting lost in the weeds of manual risk assessment and contract analysis. With AI solutions as your partner, you're building a more resilient, compliant, and ultimately, risk-averse contract management process.
Ready to leverage AI for contract risk management and truly protect your organization from hidden contractual risks and financial losses? Let's explore how CobbleStone Software's VISDOM+ can empower your team to achieve unprecedented control and confidence in your agreements, while ensuring compliance. Reach out today for a personalized demo!
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Specific guidelines on unilateral contracts are governed by state law. Readers should contact their attorneys for legal advice regarding any particular legal matter.
