Risk Assessment Copilot
Accelerate contract reviews by 40% with generative AI
The Icertis Risk Assessment Copilot, powered by the Icertis ExploreAI Service, significantly accelerates the contract review process while reducing risk by using AI to compare contract language to a company’s predefined risk parameters based on the contract type.
The Challenge
High volume of contracts that need legal, business review
Enterprise organizations manage large volumes of contracts to ensure they conform to risk management strategies and standards. This includes contract types that rarely require changes. Manually reviewing such contracts eats up time and is subject to human error, costing the business expensive resources and subjecting it to risk.
The Solution
Icertis Risk Assessment Copilot
Leveraging the conversational nature of generative AI, users can also access recommendations based on their company’s legal playbook via free-form and predefined prompts. When a contract is submitted for review, the Copilot generates a highly intuitive dashboard with an overall risk score as well clause-level assessments of the contract’s performance against parameters. Results are visually presented via green, yellow, or red risk scores, helping reviewers understand where they need to turn attention, or, alternatively, indicating that the contract meets all criteria and doesn’t require their valuable time.
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Risk Definition, Configuration
Define numerous risk criteria for the type of contract, and configure and assign a risk score using detailed logic specific to the organization.
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Contract Level Assessment and Visualization
Get a final verdict and assign review recommendation (required/ not required) for the contract.
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Microsoft Word Native Experience
View a dashboard summarizing a contract’s performance against defined risk criteria on without leaving Microsoft Word.
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Bulk contract processing
Process contracts in bulk and generate a combined risk assessment report for them.
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Clause Level Risk Flagging
Get intuitive, color-coded risk scores for every clause in a contract and navigate to discovered risks using in-document references like clause snippets or section numbers
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Risk Mitigation
Define steps to mitigate a risk and highlight them to the user for the risk identified in the contract. Converse with the contract within Microsoft Word.
The Benefits
Faster, comprehensive contract reviews
Icertis Copilots
Accelerate your business with generative AI. Safely.
Icertis Copilots deliver a step-change in contract efficiency and insights by responsibly harnessing the transformational power of generative AI to turn commercial agreements into interactive assets to drive your business forward.
Icertis ExploreAI
Bringing the power of generative AI to enterprise contracting, responsibly
Icertis ExploreAI is your next-gen AI-powered Contract Intelligence Partner, with generative, assistive, natural language capabilities that enable even greater customer value from unstructured and structured contract data, connected across the enterprise.
Icertis Contract Intelligence
Unmatched visibility of your entire enterprise
Icertis Contract Intelligence is an industry-defining platform. Expect best-in-class Contract Lifecycle Management and so much more, all powered by AI. Giving you the tools to make better decisions every time.
Frequently Asked Questions
AI copilots are advanced artificial intelligence (AI) systems designed to assist or augment human capabilities in various tasks and activities—providing support, suggestions, and completing various tasks.
In the context of contract management, it is an AI system designed to assist professionals working in contract lifecycle management, helping them manage contracts more efficiently and effectively. Copilots help with contract reviews, analyses, risk assessment, workflow automation, contract negotiations, and more. Specific copilot features and capabilities might vary with the software provider.
Built on Icertis ExploreAI Service, the Icertis Risk Assessment Copilot automates high-volume contract reviews by comparing contract attributes to a company’s playbook. It ensures all necessary clauses and approved language are present in every agreement. In addition to providing a risk score, it offers guided prompts that enable legal reviewers to address missing or noncompliant attributes with one click—or marks that the contract meets all criteria and requires no further review. The copilot allows for fast and secure AI contract reviews, freeing time for more strategic work.
With the Risk Assessment Copilot, risks can be preconfigured to their contract type and to company playbooks. The types of contract risks it can flag for review may include:
- Payment terms
- Export controls
- Indemnity
- Governing law
- Force Majeure
- Termination of convenience
And more. Request a demo with an Icertis Specialist to see how this works for your organization.
Yes. A natural language conversational interface is central to the Icertis Copilots. It enables reviewers to converse with their contracts in natural language. Use this interface to check for specific clauses such as indemnity, liability, termination, etc., or request alternate clauses be generated based on organizational guardrails and playbooks.
The Icertis Risk Assessment Copilot allows users to query their contracts in natural language in ways that surface key insights to increase revenue, drive compliance, improve savings, and manage risk.Examples include:
- How long does it take to execute a specific type of contract?
- Is this contract in compliance with local and state laws?
- Does this agreement have a limitation of liability clause?
- What ESG policies do we require suppliers to include in their contracts?
- What is the most common provision in pharmaceutical industry contracts?
- Whose approvals are needed for this contract?
- What are the proposed actions according to the company’s playbook?
Questions can also be pre-configured based on the contract type, user role, and other criteria specific to your business. Request a demo with an Icertis Specialist to learn more.
Yes. The Risk Assessment Copilot enables users to redline contracts both within the application and as a Microsoft Word plug-in. Within the application, users can view the contract and its risk scores side-by-side; it surfaces the clauses deemed most at risk for a particular agreement. Clicking on a risk parameter takes the user right to the location of that clause in the contract. As a MS Word plug-in, users can access the risk parameters within Word much as they would in the application. Both methods allow users to hone in on the clause in question in seconds, saving them money and the effort of manually poring over lengthy contracts to surface the same insights.
Request a demo with an Icertis Specialist to see it in action.
Yes, the technology allows for multiple contracts to be analyzed and summarized.
Yes. Security is the key reason why we developed our AI technology on Microsoft Azure OpenAI, and not directly with OpenAI; it guarantees use of the data security and protection layer Azure provides. Icertis is a native Microsoft Azure solution, ensuring seamless compatibility, better performance, and user experience.
This means that the data used in the generative AI context remains in our subscription. Microsoft guarantees that data does not leave Azure and is never used for training the underlying foundation models.
More importantly, we do not fine-tune AI (GPT) models. We use the GPT model out-of-the-box, focusing efforts on our proprietary technology.
To reiterate, data never goes out of our subscription, and Microsoft guarantees that the data used in conversational AI is also never used for the underlying training of their models.
You can learn more by requesting a demo today.