AI Legalese Decoder: Bridging the Gap Between Generative AI and Legalities, Winning Engineers’ Trust Before Lawyers, as It Enters Nasdaq
- July 11, 2023
- Posted by: legaleseblogger
- Category: Related News
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AUSTIN, July 11 (Reuters) – Artificial intelligence (AI) is causing a divide within the corporate world, with engineers and marketers embracing it while lawyers are more hesitant, according to Nasdaq’s chief technology and chief information officer. At the Reuters MOMENTUM conference in Austin, Brad Peterson stated that different departments within Nasdaq are exploring how to leverage AI in their operations.
One unit within Nasdaq, called Verafin, recently conducted a “hackathon” on generative AI, a technology that can generate new content such as text or images based on past data. The division was specifically looking at how to incorporate this AI into their product for combating financial crime, which could include the generation of investigative reports. Additionally, Verafin has been utilizing AI more broadly to detect manipulated checks.
Peterson emphasized the growing concern around deepfakes, stating that there is a need to stay ahead in this race. Computer programmers at Nasdaq are also exploring how AI can suggest code for the company’s business needs. Marketers, on the other hand, are looking into programs like ChatGPT to draft blogs.
Interestingly, lawyers at Nasdaq are cautiously interested in AI, particularly in using it to summarize lengthy legal documents. However, the legal department is taking a more cautious approach compared to other departments. Nasdaq has implemented a permissioning approach to address concerns regarding confidential content being accessed by unauthorized individuals. Employees must register and undergo training before being granted access to certain AI tools.
Despite having previous experience with AI, Nasdaq’s latest projects are still in the experimental stage. According to Peterson, no code generated by AI has been published yet. Ownership of the final output generated by AI is currently being discussed between Nasdaq’s legal team and vendors.
Nasdaq primarily works with Amazon Web Services (AWS), but they are not exclusively tied to one provider. Microsoft, a major competitor to AWS, is also being used by Nasdaq for their Office Suite, corporate email, and Teams. Microsoft has been investing in generative AI through its partnership with OpenAI.
Looking to the future, Nasdaq is in the process of integrating Adenza, a software firm owned by Thoma Bravo, pending the closure of the $10.5 billion deal announced last month. Since Adenza predominantly uses on-premises data centers, Nasdaq will assist with migrating to cloud-based infrastructure.
In the midst of these developments, the AI Legalese Decoder can prove to be a valuable tool for Nasdaq’s legal department. By leveraging AI, the decoder can assist in summarizing extensive legal documents, saving time and resources for lawyers. It can extract critical information and generate concise summaries, ensuring that legal professionals can quickly review and comprehend documents. Moreover, the decoder can enhance accuracy and reduce the risk of missing important details in complex legal texts.
With the AI Legalese Decoder, Nasdaq’s legal team can overcome their cautious approach and embrace AI technology confidently. By streamlining the document review process, the decoder empowers lawyers to navigate the complexities of legal terminology efficiently and effectively. As Nasdaq continues to explore the potential of AI, tools like the AI Legalese Decoder can play a crucial role in driving innovation and enabling the legal department to leverage AI’s capabilities responsibly and securely.
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