Ncontracts announces AI-powered contract management tool for financial institutions to improve vendor management and save money
BRENTWOOD, TN (January 16, 2024) — Ncontracts, the leading provider of integrated compliance, risk, and vendor management solutions to the financial services industry, announces the launch of its new AI-powered Ntelligent Contracts Assistant module within Nvendor, reducing hours of arduous contract reviews into just minutes.
The Ntelligent Contracts Assistant harnesses artificial intelligence trained by Ncontracts’ legal and contract management experts to quickly extract key information from third-party vendor contracts and agreements, making it possible for financial institutions to easily:
- Score contracts for risk and adherence to regulatory requirements
- Generate summaries of key contract terms
- Automatically create alerts for key dates
- Search contracts for key terms and provisions (including renewal dates and price increases)
“The new interagency third-party risk management guidance mentions contracts 109 times,” observes Michael Berman, founder and CEO of Ncontracts. “The Ntelligent Contracts Assistant helps financial institutions meet those requirements quickly and more accurately while maximizing the value of their contracts as risk controls.”
Unlike blackbox algorithms, the Ntelligent Contract Assistant is built with clear guardrails that can be tested and tracked for transparent results. Customer data remains private and segregated from others and is used by the AI only to answer financial institution client questions – never to train the algorithm.
“When most people think of AI, they think of cutting and pasting a contract into ChatGPT and asking a few questions,” says Bill Simpson, Ncontracts chief product and technology officer. “The Ntelligent Contracts Assistant is trained specifically in contract management and uses each customer’s unique data as context for responses that help with decision making.”
The Ntelligent Contracts Assistant is available only as an add-on to Nvendor, Ncontracts’ powerful third-party risk management solution designed to guide financial institutions through every step of the vendor management lifecycle.
Ncontracts provides integrated risk, vendor and compliance management software to a rapidly expanding customer base of over 4,000 financial institutions, mortgage companies, and fintechs in the United States. The company’s powerful combination of software and services enables financial institutions to achieve their risk management and compliance goals with an integrated, user-friendly cloud-based solution encompassing vendor, organizational, audit, and compliance risk management. Visit www.ncontracts.com or follow the company on LinkedIn and Twitter for more information.