Banking and Finance Industry – Brainspace Analytics

A multinational bank was faced with a government investigation and ensuing litigation over commissions charged on foreign exchange funds and the timing of trades. Terabytes of data, representing tens of millions of documents over several years from multiple data type sources, were initially gathered and required extensive filtering. After much consultation and development of a best practices workflow, a predictive coding approach using Brainspace Analytics was employed by the Compliance technical team, and in conjunction with subject matter experts, data was segregated into three bucketsresponsive, potentially responsive and non-responsive. This process took nearly one week and removed nearly 8 million documents from the review pool, saving the client millions in potential attorney cost. Nevertheless, more than 2 million documents existed in the responsive/potentially responsive categories, so Compliance assembled a team of more than one hundred contract attorneys to begin a review of this data. With outside counsel and our project management team, we began the review of the remaining documents and statistical sample QC review of the non-responsive data. This approach, along with Compliance’s competitive pricing and application of technology, resulted in an estimated $10 million savings over traditional approaches. 

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