In-house legal teams: pandemic tests speed and adaptability, Financial Times, December 11, 2020
Regulatory and litigation compliance and processes are a big focus for businesses wanting to rethink how they manage risk. Following investigations by the US Department of Justice and the French national financial prosecutor, and a $1.3bn settlement in 2018 for bribery and manipulation of Libor, lawyers at French bank Société Générale worked with law firm Mayer Brown to create an AI and data analytics tool to process large volumes of documents. The tool has been set up as a separate business, Theolex. Users can mine a single database of more than 10 years of transactions data, along with public settlements agreements and regulatory decisions to help set new legal strategies for the bank.