The Mergers, Acquisitions, and Exit Strategies Report published in The Times on October 18, 2017, highlighted that Brexit risk management has become the new norm while the regulatory environment continues to evolve in the UK.
Using Kira’s machine-learning technology, Kemp Little has built a tool for in-house counsel that identifies contractual arrangements that are likely to be affected by the European Union (Withdrawal) Bill. These can include licenses and authorizations issued under EU provisions or clauses that cover legislative changes.
“It’s important for us to help our clients identify these hidden risks now, so they can make any necessary changes to their existing contractual relationships, and know what issues to keep in mind when entering into agreements going forward,” said Ms. Williams.
Kemp Little used a combination of Kira’s built-in provision models and the Quick Study feature to train Kira to find provisions that might be affected by Brexit, such as choice of law or jurisdiction. The Kemp Little lawyers review the information and are able to quickly and accurately provide their clients with a report identifying issues and recommending changes. Bolstered by Kira’s technology, Kemp Little now includes Brexit planning as a standard part of all relevant client consultations.
“Kira significantly sped up the process of the review,” added Ms. Williams. “We’ve invested time up front training Kira to find information that we think will be critical, so now we’re able to efficiently help clients manage the known risks of Brexit.”
A survey by the Institute of Chartered Accountants in England and Wales found that less than one third of UK companies have made Brexit plans. It’s a daunting task for even the most well-resourced organizations, which is why some are now turning to technology for help.
Using Kira’s Quick Study feature, firms and companies can train models to recognize any information in contracts that may be affected by Brexit. Users can then apply those models to large databases of contracts in order to identify areas of concern that require further attention.