As one of the world's largest independent financial advisory groups, employing over 4000 people in 40 countries across the world, our client had a vast number of contracts to grapple with. With a small Legal team, BAU procurement contracts were often deprioritised, with Legal required to work on strategic matters for the bank.
In order to better manage these contracts, the bank’s Procurement team embarked on a transformation journey: implementing technology to improve regulatory reporting and contractual obligation tracking and working closely with Legal to identify opportunities to optimise their contracting workflow.
As part of that exercise, the bank made a strategic decision to partner with TLB, leveraging CaaS AI to outsource their supplier contract review and negotiation end-to-end and optimise their tech stack, processes and templates in the process.
What’s CaaS AI and how did it work for the Investment Bank
Caas AI is TLB’s AI-powered contract review and negotiation offering. We couple cutting edge Artificial Intelligence with our human expertise to deliver speedy, accurate and cost-effective contract management support, end-to-end whilst in parallel optimising teams’ legal operations for long-term added value.
Step 1: Discovery
To begin with, we kicked off with a detailed in-person Discovery workshop to understand more about the bank’s stakeholder landscape, contract types, risk appetite, preferred contract positions, and general contract management processes.
Having supported the bank previously in the implementation planning for their chosen CLM tool, we understood their tech landscape well. During Discovery therefore, our Ops team spent time with Procurement to understand where the implementation was currently at, any pain points and their overall objectives, enabling us to create a bespoke plan of action to achieve those objectives.
Step 2: Set-up
Following Discovery, we tailored our TLB Standard Playbook to suit the bank’s preferred positions, complete with fallback positions, risk threshold matrix and approvals matrix. We also developed a bespoke playbook for certain data agreements we would be handling.
Given the sensitive nature of the bank’s business, we got ourselves set up on the bank’s systems, including Sharepoint, Teams and their CLM system, to seamlessly handle contract reviews and communications with the team.
With a limited number of templates currently in place, we recommended a number of templates that the bank could implement (and which we could provide) to reduce reliance on third party paper and speed up negotiations. We also recommended associated value and risk thresholds to implement in order to enhance business self-service for certain contract types.
Legal Ops Diagnostics Report
We delivered our Legal Ops Diagnostic Report, setting out our recommendations as to how to optimise their processes and tech stack more broadly. This included a dedicated plan of action to improve and expand the use of their CLM system to achieve their overall objectives.
Step 3: Delivery
Procurement started sending us contracts from day 1, which we turned around on a 1-3 day SLA basis, ensuring at all times that the bank’s specific relevant regulatory, compliance and data protection requirements were being met in their contracts. We liaised directly with stakeholders and counterparties as needed to relieve Legal and Procurement of their BAU contracting burden completely.
We worked with the bank to implement recommended changes to their CLM system to fully optimise its use and achieve the bank’s risk and regulatory reporting objectives.
We kept Procurement in the loop with weekly WIP reports on their consumption, so they could simply and easily manage budgets.
On a monthly basis, we provided them with insights into and trends concerning their contract landscape, and held monthly supplier management meetings to ensure the bank was completely satisfied with our support.
Finally, we provided continuous improvement recommendations in the form of our Quarterly Optimisation Reports. This included recommendations related to their tech stack, templates, processes and playbook positions to continuously enhance their speed to contract, better manage spend and remove any friction in their processes.