Seal Software announced today that its partner, Apogee Legal, has developed the legal and sourcing industry’s first automated Vendor Contracts Compliance (VCC) solution based on the Seal platform. The VCC offering can reduce the amount of time to review a single sourcing agreement by 75% or more.
With VCC, Apogee Legal can now offer to its clients an efficient way to discover, review and understand the contents of vendor contracts, ensuring they comply with specific financial services regulations, as well as the broader requirements of public companies and Sarbanes-Oxley. The solution marries Apogee Legal’s deep domain expertise in both regulatory matters and commercial contracts, with the industry-leading contracts discovery and analytics technology from Seal Software.
Recent regulations, such as OCC Bulletin 2013-29, require that a corporation’s vendor contracts incorporate specific provisions and protections on a substantial number of topics, ranging from liability limits and indemnifications, to cyber security and incident notifications. Additional examples of regulations and regulatory bodies that have recently increased focus on vendor compliance include FCPA, FINRA, HIPPA and Gramm-Leach-Bliley.
As Apogee was planning the creation of its VCC offering, the company evaluated several technology vendors before selecting Seal. Apogee partnered with Seal Software because of Seal’s exclusive focus on the enterprise community, its built-in “out-of-the-box” contracts analytics, and its ability to create custom analytics packages that companies such as Apogee Legal can then use with their clients.
“We are very proud that Apogee Legal chose Seal to power their Vendor Contracts Compliance solution,” said Ulf Zetterberg, CEO of Seal Software. “The use of Seal’s contract analytics technology with the domain expertise of our solutions partners is a very unique combination and can dramatically help our customers provide the most efficient and accurate contract reviews possible.”
The VCC solution was created on Seal’s V4.0 platform, and utilizes its new “Extraction Pack” capabilities. Extraction Packs allow customers and service providers to combine their specialized knowledge with Seal’s technology to create a defined set of data extraction elements to extract and analyze certain components within contracts, addressing the specific objectives of each client. Seal’s Extraction Packs are encrypted and secure, and enable the creation of self-contained modules that speed the time and lower the costs to find contracts, and extract key data elements.
“Apogee selected the Seal Software platform for our release of the VCC solution because of Seal’s strong enterprise focus and their analytics package that allows firms like ours incredible flexibility to create custom and invaluable analytics packs for our clients,” said Jim Wagner, Managing Director of Apogee Legal. “Our VCC is ideal for the constantly evolving regulatory environment and we’re thrilled to be able to offer our clients the fastest, most comprehensive and most consistent solution to analyze their vendor contracts.”
To read more about the VCC solution based on the Seal platform, visit Seal Software’s blog.