Founded in 1932, Kroll is the world’s premier provider of governance, risk, and transparency solutions. Headquartered in New York City, the firm has nearly 4,000 professionals located throughout 25 countries.
As an information management and data governance consultant, Kroll advises clients on best practices, analytics, services and technology to mitigate the risks that data presents while enhancing its value. As part of that offering, Kroll advises clients on their contract management systems and contract data integrations after an event, whether that event is an acquisition or divestiture. In both arenas, the ability to review, analyze and align large volumes of contract data is paramount to success. Identifying, tracking and disseminating contract data is a core part of the integration work.
Post-merger or pre-divestiture contract migration specifically necessitates reviewing all of the target’s contracts for key contractual obligations and other data points. These key contracts typically range in the tens of thousands and can number in the hundreds of thousands.
Kroll was looking for a language-based analytics solution that could provide support to analysts when performing contract review. The existing manual review process was not providing the efficiency and efficacy the firm desired.
- An AI-powered contract analytics platform, eBrevia has considerably reduced manual document review time while simultaneously improving accuracy.
- eBrevia worked closely with Kroll personnel to provide a tailored product that fit
- the firm’s specific needs, while also providing the necessary support for a more effective and efficient review process.
- Kroll has processed approximately 250,000 contracts in eBrevia.
When searching and evaluating potential vendors in 2016, Derek Mihm, a Vice President with the Global Data Governance division at Kroll, says that he and his colleagues sat through a number of demos of competitor products. Having learned a considerable amount from these demos and the firm’s experience with its previous vendor, Tyler Marion, Managing Director of the group, felt that it was important to be part of the conversation regarding the software’s development when it came to choosing a vendor. He said that they were focused on meeting client-specific needs, which their previous software was not able to deliver.
Members of the Kroll team travelled to New York to meet with Ned Gannon, eBrevia’s President, and Jacob Mundt, eBrevia’s Chief Technology Officer. Ultimately, Kroll signed an enterprise license with eBrevia. As Tyler highlighted, the team wanted to find a vendor willing to treat them as “more of an input” and eBrevia fit the bill.