Use Case | Contract Risk Assessor

Background

Reviewing, assessing, negotiating, and agreeing on legally binding contracts is a crucial responsibility and aspect of work in any legal firm or department. Contract risk management, despite its importance, is often still done manually in a time- and resource-consuming, error-prone, and convoluted process. According to an EY survey, 20% of in-house counsel hours are spent on repetitive, low-complexity, and routine tasks including contract management and risk identification. Digitizing and automating risk management, thus, is a top priority for the legal industry.

By providing your legal firm, legal department, commercial or business team with a Contract Risk Assessor, all contracts being made or negotiated can be digitally reviewed and risks automatically flagged. Based on risk factors (criteria self-determined by your firm), the application provides you with a risk rating and risk profile for uploaded contracts. Contract risks are identified consistently and immediately through the tool and mitigated efficiently as the correct internal and external stakeholders are involved and consulted where necessary. Your contract management is optimized, and risk factors are consistently identified.

Using the Betty Blocks platform, legal firms and departments can custom build a Contract Risk Assessor, thereby digitizing and standardizing a crucial responsibility. This ensures your contracts are consistently secure and compliant through one digitized, fully integrated, configurable, and customizable LCNC platform.

Efficient

Optimize your contract management process by digitally identifying, managing, and mitigating risks.
Decrease time taken in contract revision; coordinating tasks, passing contracts between stakeholders, and waiting for approvals.
Optimize your contract risk assessment by creating one centralized, streamlined process.

Eliminate inevitable human errors and oversights by allowing technology to identify and flag any potential contract risks.
Enable your legal professionals to focus on contract risk mitigation, rather than finding or identifying them.

Automated

Ensure a consistently standardized and streamlined approach to your contract assessment and agreements.
Simplify your contract risk assessment and risk management process through one, simplified way of working.
Track and oversee all of your contracts through dashboarding abilities.

Enable your legal team or department to deal with large volumes of requests quickly and efficiently.
Integrate with your existing technology infrastructure and applications to optimize your contract process end-to-end.

Bespoke and secure

Customize your contract assessments to ensure regulatory compliance of every contract passing through your organization.
Customize your assessor tool to integrate bespoke risk criteria and qualifications requirements.
Maintain consistent standards and review policies throughout your active contracts.

Minimize the risk of any incorrectly assessed or reviewed legally binding agreements.
Govern and track all contracts being considered, reviewed, or signed within your organization.

1. Plan

The first stage: understanding what needs to be built and what the initial steps to a successful application are.

The Betty Blocks Platform empowers new types of (citizen) developers. This gives everybody access to join the process. Join a workshop or our online academy and learn how to create your first workflow and wireframe in hours.

2. Build

The most exciting part: the moment where everyone can contribute.

Through Betty Block’s simple drag and drop functionality, you can create your own interfaces. Without writing a single line of code you can configure workflows, visually define how you want to store your data, and customize your application.

3. Release

Once you’ve built something it is time to delight your audience.

By running tests in various sandboxes people are encouraged to play around without having the fear of breaking things. Everyone satisfied? Great! Release to production and instantly share your work with the world.