International Journal on Science and Technology

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Banking and Financial Contract Review (BaFiCoRe) Framework: Next-Gen Contract Review Framework for Investment Banking and Financial Services

Author(s) Mahendhiran Krishnan
Country United States
Abstract In the fast-changing landscape of Banking and Financial services, effective Investment contract review is for maintaining regulatory compliance, mitigating risks, and ensuring transparency among partners / institutions / clients and their stakeholders. Traditional methods of manual contract review, which often involve labor-intensive and repetitive processes, particularly when handling larger volumes of complex agreements. This paper proposes the BaFiCoRe (Banking and Financial Contract Review) Framework, which harnesses the capabilities of Generative AI (GenAI) and Blockchain technologies to revolutionize the contract review processes. GenAI is employed to automate critical tasks such as contract analysis, adherence to accounting standards and conclusions (including U.S GAAP – U.S Generally Accepted Accounting Principles and IFRS – International Financial Reporting Standards) and identification of discrepancies, thereby significantly minimizing errors and improving efficiency. Concurrently, Blockchain technology is employed to address the challenges in contract verification, secure storage, and the transparent audit trails. By integrating GenAI and Blockchain technologies, the BaFiCoRe Framework provides transformative methodology for contract review, ensuring consistent governance, enhanced security, and operational effectiveness, ultimately fostering a more transparent and innovative banking and financial service industry.
Keywords Accounting Principles, Accounting Standards, Accounting conclusion, Auditing, Contract Review, Decision Making System, U.S GAAP, IFRS, IASB, Blockchain, GenAI, AI/ML, Cloud Transformation
Field Computer > Artificial Intelligence / Simulation / Virtual Reality
Published In Volume 16, Issue 1, January-March 2025
Published On 2025-01-18
Cite This Banking and Financial Contract Review (BaFiCoRe) Framework: Next-Gen Contract Review Framework for Investment Banking and Financial Services - Mahendhiran Krishnan - IJSAT Volume 16, Issue 1, January-March 2025. DOI 10.71097/IJSAT.v16.i1.1478
DOI https://doi.org/10.71097/IJSAT.v16.i1.1478
Short DOI https://doi.org/g82pbn
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