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Legal contract data: The new reference data challenge for financial firms
Financial firms are waking up to the importance of effectively managing legal contract data. Potential benefits of doing so are numerous: avoidance of regulatory sanctions and associated reputational damage; improved risk management and associated profit and loss (P&L) gains from the increased capture of embedded value; a holistic working culture where trading, risk, legal, IT and other departments are able to communicate in a more productive fashion than has often been the case historically. But there are numerous challenges to extracting legal contract data. This paper will look at some of these within the context of derivatives: legal architecture, complexity of drafting, speed of regulatory change and organisational inertia.
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Akber Datoo is founder and managing partner of D2 Legal Technology LLP (D2LT), a boutique legal data consulting firm, dedicated to the capital markets space. With over 15 years’ experience of derivatives and a blend of both technology and legal perspectives, Akber works with financial institutions to create legal risk frameworks to ensure regulatory compliance and business optimisation. This has included the provision of strategic change management advice relating to process and systems for contract data modelling, document assembly, search, information retrieval, know-how and legal opinion management.