Legal analytics and AI experts tackle contracts compliance for new EU data privacy regulations.
FOR IMMEDIATE RELEASE:
LONDON – October 3, 2017 – Apogee Legal today announced the release of GDPR Insight™, the legal and sourcing industry’s most advanced readiness and compliance package for analyzing data protection issues in enterprise contracts.
Built by Apogee on the industry-leading Seal Software contract analysis platform, GDPR Insight™ combines the best of artificial intelligence for contracts with Apogee’s deep understanding of the business, compliance and regulatory needs associated with the GDPR.
“The GDPR presents a unique set of challenges for the business community,” said Jim Wagner, Managing Director at Apogee. “Beyond the technical implementation requirements, businesses of every size must look deep within their contractual relationships to ensure that a significant range of data and risk-related topics are appropriately addressed. GDPR Insight™ is a rational and efficient technology-based approach to performing that complex contractual analysis.”
The General Data Protection Regulation (GDPR), passed by the EU Parliament in April 2016 and effective May 2018, is the most significant development in data privacy and protection that Europe has seen over the past twenty years. Businesses subject to the GDPR face an unprecedented level of regulatory requirements, and potential fines, both for themselves and for their third-party contractors. GDPR Insight™ is Apogee’s “analytics-based answer” for GDPR agreement compliance.
Lawyers specializing in this field have reacted positively to GDPR Insight™.
“My job is to help enterprise legal departments manage their third-party sourcing relationships,” said Larry Bortstein, founder and Managing Partner at Bortstein Legal Group. “GDPR is among the most challenging regulatory frameworks that we have confronted in my many years of practice. Apogee’s GDPR Insight™ platform addresses that range of complexity and is an automated toolkit for any enterprise to ‘hit the ground running’ in their GDPR contract analysis.”
GDPR contract analysis includes determining whether basic requirements, such as privacy impact assessments, are addressed, but also includes detailed analysis of data security and breach planning and response provisions. Manually reviewing and abstracting a contract for a full range of data protection issues can take anywhere from 30 minutes to two hours, which is causing companies to seek out more efficient solutions.
“As a former in-house attorney responsible for overseeing the analysis of tens of thousands of contracts for regulatory, risk and compliance purposes, I understand first-hand the complexity and scale of addressing detailed contractual content at an enterprise level,” said Stuart Brock, Director, Financial Services at Apogee. “GDPR Insight™ can deliver in minutes a first level of contract analysis that would otherwise take an army of reviewers weeks to complete.”
Apogee built GDPR Insight™ on the Seal Software (http://www.seal-software.com) platform. Apogee selected Seal for the rollout of GDPR because of Seal’s exclusive focus on the enterprise community and Seal’s proprietary “ScA” analytics package that allows end users tremendous flexibility to create and constantly improve custom analytics—ideal for the evolving regulatory environment.
“We couldn’t be more pleased that Apogee has once again chosen Seal Software as the core platform for introducing their advanced analytic solutions,” said Ulf Zetterberg, Co-Founder & Chief Executive Officer of Seal Software. “Our clients are regularly tasked with extracting a complex array of contractual data points for regulatory and business purposes, and as the market leader they turn to Seal to help them. GDPR Insight™ is perfectly aligned with our clients’ needs and will provide immediate and substantial benefits for their GDPR contract analysis.”
The GDPR Insight™ analytics package is immediately available to Apogee and Seal customers.
Get to Know Apogee Legal
Apogee Legal is the first choice of many of the world’s largest companies for the design and implementation of custom contract analytics. As a leading legal analytics firm, Apogee has developed AI analytics for a range of use cases, including sourcing transactions, software licensing, M&A, data security and privacy (GDPR), qualified financial contracts (QFC), complex commercial lending and finance, and strategic NDA negotiations. For more information, visit www.apogeelegal.com or contact Steven Harber, firstname.lastname@example.org.
About Seal Software
Seal Software is the leading provider of contract discovery, data extraction, and analytics. With Seal’s machine learning and natural language processing technologies, companies can find contracts of any file type across their networks, quickly understand what risks or opportunities are hidden in their contracts, and place them in a centralized repository. Based in San Francisco, Seal empowers enterprises around the world to maximize revenue opportunities, reduce costs, and mitigate risks associated with contractual documents, systems, and processes. For more information, visit Seal Software at www.seal-software.com.