Regulatory Change Necessitates New Language

A financial institution has been instructed to execute a new Safe Handling of PII clause into customer contracts to comply with new Federal legislation. Hundreds of contracts are affected and require analysis and possible repapering.



Challenge

  • New banking regulation
  • Hundreds of contracts with little uniformity
  • Archaic contract management system
  • New contracts continually added



Goal

  • Meet regulatory requirements
  • Mitigate risk of fines and loss of business

Corporate
Legal Projects

Solution

  • Define the unknowns and identify paths of action
  • Develop simultaneous, continuous workflows to accommodate living, breathing contracts
  • Use Six Sigma quality control – continual evaluation and improvement



Outcome

  • Reduce project ambiguity – a systematic, defined approach to legal process management
  • Complete timeline and budget transparency
  • Consistent, high-quality results

When extracting or inserting new contract language as part of a regulatory change, our process management experts take a unified approach, leveraging legal process expertise and proven Six Sigma quality principles to help you meet regulatory requirements.

KrolLDiscovery Corporate Legal Projects | Comply with regulations.