Litera: Using technology to review contracts for GDPR compliance
An upcoming European Union (EU) regulatory deadline for data transfer clauses in contracts provides an excellent example of how technology supports lawyers who need to analyse and amend contracts quickly and accurately in response to significant regulatory changes. The Standard Contractual Clauses (SCCs) are model contract clauses approved by the European Commission to ensure adequate data protection safeguards for data transfers from the EU to third countries under the EU’s General Data Protection Regulation (GDPR). The GDPR regulates and protects the processing of personal information pertaining to natural persons in the EU (data subjects). Such protections for personal information extend beyond the borders of the EU and apply to any party, regardless of its location, collecting information about data subjects.
The release of the new SCCs set an important deadline for organisations engaged in the transfer of data that rely on the old SCCs. Organisations with data transfer agreements that existed before September 27, 2021, and that relied on the old SCCs as a transfer mechanism must transition to the new SCCs by December 27, 2022, to remain compliant with the GDPR. Given the widespread reliance on the SCCs as a data transfer mechanism, organisations and their professional advisers need to understand which contracts might need to be updated with the new SCCs by the December 27, 2022, deadline.
Planning for the December 2022 deadline: How Kira can help
Kira is a patented machine learning software that identifies, extracts, and analyses content in contracts and documents with unparalleled accuracy and efficiency. Using our library of over 1,400 built-in smart fields, Kira users can quickly analyse a body of contracts or documents to uncover provisions that might be affected by regulatory changes or to uncover other risks and insights they might contain. Kira users can also create their own custom fields using our Quick Study feature to find specific clauses and data points relevant to their organisation. Quick Study is a no-code solution, meaning that no machine learning or developer skills are required. Read more to learn one of the ways legal professionals leverage machine learning-based AI for contract analysis and how Kira can help you understand what’s in your contracts.
UTM Link: https://litera.global/3EbTLUL
