LONDON – Tuesday 20th March 2018
ThoughtRiver announced today that its pioneering contract analysis technology has been selected by global renewable materials company Stora Enso to run trials to pre-screen a wide range of sales agreements with the purpose of dramatically reducing the time it takes to review contracts.
“We are pleased to collaborate with ThoughtRiver and look forward to working together,” said Christian Swartling, Lead Counsel, Legal Services. “We have been looking at AI for while but this is the first application we have seen that promises to do the initial reviews and pre-screening that hopefully fits our processes".
ThoughtRiver software interprets key risk issues in a contract, dynamically applying corporate policies in order to assign an overall risk score to a contract, automating the human triaging process. With research suggesting up to 40% of lawyer time is wasted on low value issues, ThoughtRiver informs legal teams which contracts to look at and which issues to focus on, without having to read them all first.
"We are excited to be working with one of the world’s most innovative renewable materials companies” said Tim Pullan, Founder and CEO at ThoughtRiver. “We look forward to helping them identify the risk and value contained in their contracts."
About Stora Enso
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets. Their aim is to replace fossil based materials by innovating and developing new products and services based on wood and other renewable materials. They employ some 26 000 people and are publicly listed in Helsinki (STEAV, STERV) and Stockholm (STE A, STE R).
ThoughtRiver is a contract intelligence software that uses machine learning to interpret contracts and assess their risk based on corporate policies and protocols. ThoughtRiver is used by in-house legal teams, lawyers in private practice and managed legal services providers to triage day-to-day contract workflows, perform large contract portfolio reviews and expedite regulatory investigations. For further information visit www.thoughtriver.com.