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Case Study StoneX Group.pdf

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StoneX Case Study
StoneX Group, a global financial services
network garners 5X growth in CLM users
across sales, procurement and legal teams
by adopting AI-Powered Zycus iContract
Zycus CLM has the power to
transform contract operations
even in highly regulated sectors
with stringent requirements.
The Challenge:
A Fortune-500 Global Financial Services Network Company operating since 1920s
and
connecting institutional and individual clients to 39 derivatives exchanges, 175
foreign
exchange markets and nearly every global securities marketplace.
Headquartered in New York, NY, US, it operates with 3000 employees across 70
offices spread
across 5 continents.
With 30,000+ institutional and 330,000+ retail clients across 180 countries,
contracts were
coming from all over the world via emails and customer service centers (CSCs).
This led to
scattered contracts under various categories/types leading to slower contract
initiation and
management process.
Operating in a stringent regulatory environment for data security and clients
like broker-deal-
ers who must maintain detailed records of financial transactions by the SEC
(Securities and
Exchange Commission), StoneX Group’s first choice was to build an in-house
solution. But it
was taking too long to implement and not meeting their requirements. They also
tried a
third-party tool to speed up contract initiation, but it did not meet their
expectations. That’s
when Zycus came onboard.
About StoneX Group:
The Solution:
Based on their challenges, Stonex’s Legal Operations team and Zycus experts
outlined
a plan to ensure a successful CLM solution implementation that met every
requirement.
Zycus Contract Management was implemented to streamline the contract management
process right from contract intake and initiation, to authoring and negotiation
and sign-off, to
central storage which will be the single source of truth for all the executed
contracts.
Configuration was done by Zycus team who worked very closely with key
stakeholders
from StoneX Group’s legal team. This was followed by trainings conducted by
Zycus.
Finally, implementation was rolled out across different modules.
Organizing global procurement agreements,
software licenses, vendor NDAs, and corporate
relationship agreements that were scattered
across files and folders.
Reducing time spent searching for
contract information
Quick Secure Access - Cloud-based centralized
contract repository with configurable role-based
access
Document Organization - Allows clean
categorization, provides central overview of
contracts, easy to drag and drop executed
contracts into folders or sub-folders
Easy Search - Performs a quick search based
on metadata (e.g., names of contracting parties)
and contract terms (e.g., specific clauses and
terms) within seconds for a scale of thousands of
contracts
Requirement
Searchable Repository
Zycus CLM Solution
Improving the contract initiation and authoring
process for requestors to achieve efficiency
and productivity gains.
Simplified contract request mechanism for multiple
types and subtypes across categories allowing
non-legal users within StoneX to initiate a contract
seamlessly.
Defined 100+ internal templates for various contract
types with standard clauses.
Configured multiple workflows in the request form
for sales, supplier, credit support agreements,
NDAs and notices.
Contract Initiation and authoring Simple Contract Intake Form:
Standard Templates and Workflows:
Track contract versions and access the
negotiation history even after complete
execution of contract.
Enabled users and stakeholders within StoneX to
easily compare the previous versions for efficient
negotiations during renewals.
Maintained an audit to keep track of changes
made by any stakeholder, thereby increasing
accountability.
Version Control Management Version Control and Negotiation History
Improving the visibility of contracts expiring within
the next 30 days to proactively work on renewals.
Tracking mechanism for StoneX’s procurement,
and sales teams to track contract terms, dates,
statuses and set alerts for important milestones
such as renewals and expiries.
Visibility into Contracts Reporting and Tracking



Case Study StoneX Group.pdf




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