Leading investor services provider manages SLAs with secure and centralized contracts

Secure

Centralized Contract Repository

90 %

Increased Visibility to SLAs

40%

Time Savings in Reports

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    Customer
    Leading Financial Services Company
    Industry
    Financial Services
    Region
    North America
    Employees
    more than 1,00,000
    Product
    Aavenir Contractflow
    Integrations

    About Company

    One of the world’s top 10 financial groups with a presence in more than 40 countries supports businesses with a range of tailor-made financial services and corporate banking products.

    The firm’s Investor services subsidiary provides asset administrative services to investment and asset management companies around the world, offering a broad array of services - for managing thousands of funds and multiple alternative asset classes, in all major jurisdictions worldwide.

    Contract Management Challenges

    The Investor services provider manages various types of services agreements, process frameworks, fee agreements, and other contractual documents per customer. These multipage documents prepared in form of spreadsheets, PDF, or MS Word were being stored in multiple repositories and shared folders. The firm’s advisors need to manually compile all documents, monitor SLAs, and define the actions. This involved maintaining various spreadsheets, copying and pasting data into a master document, categorizing terms, formatting the report, and sending a PDF to the clients. Each contract has multiple SLAs and monitoring compliance using spreadsheets and ad-hoc tools was not effective. All told, each report could take as long as an hour to produce, and a separate report had to be created for hundreds of clients every month.

    Part of the challenge was to ensure a high level of security, full transparency, and compliance with IT guidelines for the Sarbanes-Oxley Act (SOX) and AML/KYC legislation, the firm was looking for a solution that can offer a highly secure contract repository and digital workflows without compromising the user experience.

     

    "Our organization was riddled with the challenges of retrieving contracts, manually compiling all related documents, monitoring SLAs or the key terms associated with contract documents, and defining financial action plans. We needed a solution that would help us reconcile all documents and SLAs per customer, and that’s when we looked at Aavenir. We found Aavenir was super easy to use and addressed our complex security concerns with contract storage. Because it is built on ServiceNow, it offered a quick setup and we expect it would bring immense visibility into contract management process down the line.

    - Director technology business management, operations & financial manager 
    at the world’s leading finance group

     

    The Solution: Aavenir Contract Lifecycle Management for Financial Services

    The firm was heavily using ServiceNow as their underlying technology platform for multiple enterprise applications and turned to Aavenir Contractflow to centralize all contractual documents and reduce manual efforts in monitoring SLAs tied to contracts.

    Highly secure contract repository:

    Having Contractflow on their existing Now platform keeps sensitive information secure — because the data never leaves ServiceNow.The firm’s IT audit team and Aavenir successfully sailed through different stages of security and risk audit of the application before go-live. The process involved a complete IT audit of information security and preparation of documents such as software design, dependencies, administration, security & governance guidelines, and much more.

    Full-text contract search:

    Contract managers can now perform google-like wildcard search across contracts using any keyword or filter contracts by contract type or customer name - with the click of a button.

    Ease of contract creation:

    The firm easily configured a number of custom field-based forms and document templates to be used to enter client information, contact details, related SLAs, action plans steps and benchmarks, and other details while contract creation.

    Faster and automated reporting:

    Rather than the contract managers manually creating each report from scratch and updating spreadsheets each time, Aavenir dashboards and reports do the work for them. The firm can track deliverables, monitor SLAs, key obligations per customer, and identify the volume of contracts in approval or sent for signing.

    Key Results

    After a detailed IT audit process, the firm on-boarded Aavenir Contractflow through a series of sessions for successful implementation and adoption. Within a short time, they realized the following key benefits of using Aavenir Contractflow.

    The single version of the truth:

    Having centralized contracts using Contractflow on the unified Now platform made the process standardized, secure, and easy to maintain. It will also allow low-code/no-code integrations with other systems to maintain a single version of the truth.

    Massive time savings in contract management:

    Team members who once spent days working on manual documentation can now monitor SLAs, develop financial action plans within a couple of hours/one hour to 30 secs.

    Increased visibility to SLAs:

    Contract managers can easily track all SLAs details and identify the stage the SLA is in and if it has not complied. The SLA log details help understand the progress of an SLA and the amount of time required to complete the task.

     

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