Oikocredit streamlines Multi-Lingual Complex Finance Documentation

 

	Customer: Oikocredit Active Locations: 67 Countries Industry: Financial Services
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Exari™ helps the Legal Group meet its #1 priority: To improve their output of consistent, high-quality documents so that the level of risk is not compromised.

 

Using Exari, the Legal Group (Legal) can document complex finance agreements quickly and accurately. The web-based system assists lawyers in producing high quality documents, while freeing them up to spend more time on the critical commercial and legal issues crucial to each deal.

 

For Legal, the challenge was how to manage ever-increasing volumes and complexity, without large budget increases, turnaround delays, or increases in portfolio risk.

 

The Legal Group produces complex finance and loan agreements in multi-stage approval transactions. In recent years, Legal has experienced increased volume growth in deals. Complexity has also increased due to the inclusion of new countries/jurisdictions, and the development of more extensive loan solutions including: multiple interest and capital repayment terms and periods, a wider series of guarantees for security and collateral obligations, and variable disbursal provisions.

 

Specific issues to be addressed included the following:

• The need to free time to allow lawyers to think about the business issues, structure and content of the contract by alleviating time and effort spent handcrafting documents and fixing MS Word formatting problems.
• Improving the visibility into key terms of executed agreements, making it easier for the organization to react quickly to contractual triggers when things “go wrong”.
• Identifying and reporting on contractual changes made by external counsel acting on behalf of project partners.

Exari™ contract solutions provide the answer

 

Through a combination of existing data sources and the Exari Document Assembly engine, Legal has been able to provide a fully featured contract creation and management solution. It provides enhanced speed and quality in the production of Finance contracts. Exari’s use of XML and patented web technologies allows transparency into the large portfolio of complex agreements so Legal can better understand and mitigate their exposure to risk.

 

Users can now draw upon a repository of smart templates, precedents and clauses which they quickly and easily consolidate into fully compliant documents, driven by real-time business considerations. Exari’s browser based “plain English” interview process means that the time and effort necessary to produce first and subsequent iterations of a contract have been significantly reduced. Initial turnaround times have been reduced by between 45% and 70%.

 

A more efficient and effective process for the adoption of new legal jurisdictions, regulations and/or new developments has also been enabled.

 

Moving forward Exari will further help improve the negotiation process by flagging contract term changes requested by project partners and reporting on these to senior management, further improving the speed of decision making and control required of an organization with a wide network of regional and country offices.

 

 

Profile: Oikocredit is one of the largest financiers of the microfinance sector worldwide. Oikocredit is one of the few ethical investment opportunities, which finances development projects around the world, benefiting disadvantaged and marginalized people.