Global renewable materials company Stora Enso has selected a pioneering contract analysis technology to run trials to pre-screen a wide range of sales agreements with the purpose of dramatically reducing the time it takes to review contracts. The company will work with ThoughtRiver, a contract intelligence software that uses machine learning to interpret contracts and assess their risk based on corporate policies and protocols. 'We are pleased to collaborate with ThoughtRiver and look forward to working together,' said Christian Swartling, lead counsel, Legal Services. 'We have been looking at AI for while but this is the first application we have seen that promises to do the initial reviews and pre-screening that hopefully fits our processes.'

Wasted time

ThoughtRiver software interprets key risk issues in a contract, dynamically applying corporate policies in order to assign an overall risk score to a contract, automating the human triaging process. Research suggests that up to 40 per cent of lawyer time is wasted on low value issues - an issue avoided by ThoughtRiver which informs legal teams which contracts to look at and which issues to focus on, without having to read them all first. 'We are excited to be working with one of the world’s most innovative renewable materials companies,' said Tim Pullan, founder and CEO at ThoughtRiver. 'We look forward to helping them identify the risk and value contained in their contracts.' Stora Enso, which is listed in Helsinki and Stockholm, is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets.