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ContractWorks and BNP Paribas
BNP Paribas is an international banking group headquartered in France. With 200 years of banking history, it’s currently the world’s fifth-largest bank by total number of assets. BNP Paribas has representation in 68 countries and employs nearly 200,000 people worldwide.
Overview
About BNP Paribas
BNP Paribas, holding leading positions in commercial and personal banking, investment services, and corporate and institutional banking, provides a diverse range of financing, investment, savings, and insurance solutions to clients of different profiles, including individuals, SMEs, corporates, and institutional clients. We partnered with a local division of BNP Paribas, which boasts over 10,000 employees, to implement ContractWorks CLM. The bank chose ContractWorksto to simplify and accelerate their agreements processing workflow.
Introduction
Case Study
Before adopting ContractWorks, the legal operations team at BNP Paribas invested an average of 60 minutes per document in processing supply agreements and MSAs. Being a large and progressive financial institution, BNP Paribas faced specific challenges in contract automation, including data security, system flexibility, and integration with their existing technology and databases.
Challenges
Taking into account the industry and the fast-paced nature of BNP Paribas' operations, they had specific requirements for a high level of data security to prevent data breaches. They sought a scalable and easily integrated solution that their legal team could adopt without extensive training, along with a flexible platform for creating customized workflows quickly.
ContractWorks provided a comprehensive solution that standardized and automated the processing of 12,000 procurement-related MSAs and supply agreements. Our team successfully rolled out this solution in just two weeks, perfectly aligning with the bank's requirements.
Up to 60 min per document
High data security requirements
For both simple and complex workflows
Needed a scalable solution with a soft learning curve
Results
ContractWorks, as a SOC-2-certified contract management software, addressed BNP Paribas' needs for enhanced data security and streamlined operations. The implementation resulted in an 84% reduction in document processing time, with agreements now taking only 8 minutes and 40 seconds per document, compared to the previous 60 minutes. This time savings equated to over 10,250 hours saved annually for the bank's legal team, amounting to a value of $922,500.
In addition, ContractWorks ensured a higher level of protection during data transfers through TLS 1.2+ and AES-256 data encryption. Integration with corporate registers in 42 countries, including the US, empowered BNP Paribas lawyers to effortlessly retrieve data from public registers and existing files within seconds. Moreover, the implementation of remote access simplified the distribution of the company’s agreements and reduced the time needed for document processing.
The collaboration between BNP Paribas and ContractWorks has proven highly successful in addressing the bank's specific needs. In addition, ContractWorks' intuitive and user-friendly interface facilitated a seamless adoption process, ensuring a smooth transition and enhanced usability.
Data integration in documents
High data security environment
Saved over 10,250 hours annually
84% reduction in time per document
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