LUMEN® Document Analytics
Tame the paper tiger
“Overlooked penalties, lost revenue, unexpected renewals, expirations and hidden clauses leave the organisation open to liabilities and brand damage.” - Gartner
Extraction of key terms
“Institutions have recognised the importance of using data analytics to develop new KRIs to improve the identification of high-risk advisers and affected customers.” – ASIC
ASIC highlights the urgency of customer review and remediation. The volume of paper, PDFs and file notes makes this easier said than done.
Older data is less reliable or unavailable, paper is hard to access and review, legacy makes extraction difficult, record keeping can vary between products and portfolios
LUMEN® RegTech Remediation provides a complete end-to-end workbench for customer review and remediation. We start by building a data pipeline of robust accessible information to underpin the work. Paper and PDFs go through an OCR process and key terms are extracted. Digital data is extracted and legacy cleaned and enriched. LUMEN® analytics supports the identification of customers requiring remediation.
LUMEN®'s calculation engine is a flexible tool to build and then apply remediation rules for customer repayments.
Case management co-ordinates the process end-to-end. LUMEN® Compliance Workbench can then deliver ongoing monitoring and risk prevention.
“Good Contract Development and Management could improve profitability by the equivalent of massive 9% of annual revenue.” - Association for Contract & Commercial Management
Businesses struggle to manage document and contract risk. Existing processes are often inefficient, and the challenge is amplified by large volumes of paper, PDFs and scans.
Analysing documents and contracts typically involves an army of high-value resources: a manual, slow and expensive approach. The challenge can range from version comparison through to complex term extraction and analytics across multiple sources.
LUMEN® Document Risk Workbench automates digital analysis of unstructured paper and electronic documents combined with risk analytics. The full end-to-end process is automated: cashflows, internal guardrails, regulatory compliance and performance trends.
Historical and forward analytics are accessible across a single contract and an enterprise portfolio.