Banking, Financial Services & Insurance

Problem

The BFSI Sector aids in effective and smooth functioning of businesses across all sectors and includes a diverse range of industries such as banking institutions, brokers, insurance companies, money markets, venture capital firms, real estate firms etc.

The legal departments of the BFSI Sector face a wide variety of problems which include, but not limited to, the dire need for consistency, accuracy, and compliance with organizational practice. Common challenges are as follows:

  • Sensitive customer data needs to be secured.
  • Absence of a centralised digital storage across departments, gives rise to poor contract visibility.
  • Millions of existing contracts often need to be updated or amended during their lifecycle, such as changes to regulatory obligations.

Diverse Regulators' requirements make the task more voluminous for the legal department, which is generally into contractual obligations. These tasks cost in-house counsel's efficiency and make it difficult for him to maintain rationality and prudence.

Solution

Though the challenges faced by in-house counsels of banks vary, few similar problems faced by them include large legal teams, and external counsels, regulatory reporting etc.

TLC's Contract Lifecycle Management (CLM) Software considers these varied needs and makes it easier for our clients to increase their productivity and eliminates menial and time-consuming activities.