Industries of all sizes and nature are in the continuous state of digital disruption. Just like many other business functions such as supply chain, finance, customer services, and HR, legal and compliance function is also under immense pressure to perform effectively, yet efficiently. However, much of the time of legal and compliance professionals is spent undertaking manual, repetitive tasks that Robotic Process Automation (RPA) can easily eliminate.
Creating more effective legal and compliance department through RPA
Critical Challenges to Efficient and Strategic Legal & Compliance Organization:
Legal and compliance departments have a critical role to play in safeguarding businesses from unnecessary risks and failures to compliance. The legal and compliance leaders are keen to play their role in driving digital transformation within the organization — but this comes with a multitude of challenges.
Businesses of all shapes and sizes are confronted with cost pressures. They continue to look for ways “to do more with less” and legal and compliance function is no different. However, legal and compliance tasks plague many organizations with slow, manual, and repetitive processes that lead to high costs, slow response times, duplication of efforts, errors, and often missed opportunities.
As businesses continue to globalize, non-compliance to laws and regulations poses risks worth of billions of dollars to organizations. Despite the adoption of digitalization, many organizations are using paper-based legal and compliance documents such as employment and commercial contracts. This brings an enormous administrative burden on legal and compliance staff.
Due to the high volume of repetitive and mundane tasks, many legal and compliance professionals struggle with investing more time in strategic activities that are directly related to business-driven objectives. This is also linked with individual employee engagement. Professionals who can perform successful legal activities are rewarded with higher levels of career growth.
Where RPA can be applied in Legal and compliance function
Abacus works with several organizations across the globe to discover the right processes to be automated through RPA. The processes that are most ripe for automation are those that are repetitive, rule-based, and don’t require complex decision-making. Here are some of the areas within legal and compliance function that can employ RPA
With Robotic Process Automation, Legal and compliance professionals can reclaim up to 40% of their time they spend on repetitive, mundane and error-prone manual work.
Contract management
Vendor forms and Non-disclosure agreements (NDAs)
Conflict of interest statements
Document retrievals
Regulation checks
Export controls
