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FOR IMMEDIATE RELEASE
Contact:
Public Relations
The Frayman Group
press@fraymangroup.com
Patent-Pending Technologies embedded in Compliguard™ Suite Deliver Substantial Time and Cost Savings to Law Firms While Automating Conflicts Management Process
New York City — (April 8, 2010) – Frayman Group (www.fraymangroup.com), a leading provider of new business intake and risk management software for law firms, today announced the filing of multiple patents related to automating and streamlining the conflicts of interest search, management and clearance processes. These technological advances are incorporated in Compliguard Analyze™ and Compliguard Clear™, the company’s next-generation conflicts management and clearance applications.
Closely tied to the new business intake and lateral hire activity for every law firm, conflicts management and resolution processes make up a significant portion of time spent when a firm is incepting new business. Traditionally, vendors and law firms have focused on improving the speed and quality of the search results, by tweaking the underlying search engine.
“Recent studies clearly show that the bulk of the work in the conflicts management process is not in the actual search itself, but in the thinking and strategy that informs the search, along with the post-search activity to prepare the conflicts report for circulation and clearance at the firm,” said Alp Hug, SVP Products & Chief Marketing Officer at Frayman Group. “At Frayman, we are leveraging innovative approaches to change the focus of a conflicts department from repetitive, arduous work to strategic decision making. In doing so, we are helping law firms reduce the most time-consuming parts of their new business cycle from multiple business days to mere minutes.”
Frayman Group filed a number of patents with the intention to protect the company’s innovative and unique approach to this automation of the conflicts management and clearance activity. Using law-firm-specific advanced natural language processing and name matching technology, the patents describe and protect an approach whereby an automated “Conflicts Attendant” is on duty 24/7, monitoring, routing and responding to all new conflicts requests.
“This level of automation and our unique “Conflicts Attendant” approach gives the power and control back to the lawyers, allowing them to issue a preliminary search by simply writing an e-mail on their BlackBerry device and get a response back via email within minutes of the request.”
The patents further protect the unique approach to building an appropriate search strategy based on the type of conflicts of interest search request, automated execution of the search against both internal and external data sources and the cleansing and ranking of the search results for final review by a senior conflicts analyst.
Also protected by the patents is a centralized, collaborative and non-intrusive conflicts clearance process, whereby all email activity related to a particular conflicts clearance request is monitored and captured for full audit trail and compliance.
These new innovative capabilities are designed to help law firms automate and speed up the new business intake process on multiple fronts. The Compliguard engine provides facilities to capture and template each firm’s unique risk profile so that consistent know-how is applied. This approach reduces risk associated with “knowledge gaps” that occur from staff transitions and departures, while improving the effectiveness and efficiency of conflicts searches, and providing strategic pre- and post-search analytics to increase the thoroughness of the vetting process.
Compliguard Analyze: Frayman Group’s innovative conflicts management system, Compliguard Analyze is designed from the ground up to address the needs of leading law firms, with special emphasis on speed, automation, comprehensiveness and compliance. The system eliminates repetitive, low-level conflicts activity through automation, providing the conflicts analysts with an environment to focus on the strategic aspects of the conflicts process.
Compliguard Clear: Tightly integrated with Compliguard Analyze, Compliguard Clear provides a platform for the conflicts department to initiate, monitor and capture all interaction, communication and approvals as it relates to the clearance process. The system delivers a completely non-intrusive approach to clearance, with lawyers participating leveraging nothing but email, while ensuring full audit trail and compliance. The conflicts clearance requests are appropriately formatted for all email platforms, featuring mobile conflicts reports for smart phones including the BlackBerry® and iPhone®.
Compliguard Analyze and Compliguard Clear are part of Compliguard Suite, Frayman Group’s end-to-end risk management platform, which also includes Compliguard Flow for new business intake and lateral hire workflows, and Compliguard Protect, the company’s comprehensive information governance and confidentiality application providing information barriers, ethical walls and unusual activity monitoring capabilities. For more information, visit www.fraymangroup.com.
About Frayman Group
Frayman Group, a leading provider of software and services for law firms, combines industry expertise with innovative technology to help customers automate business processes, mitigate risk, manage compliance and improve competitiveness. The company is headquartered in New York City. For more information, visit www.fraymangroup.com.
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