Akin Gump Partners With Palantir Technologies, Launches Akin Gump’s RegSpot
Akin Gump Strauss Hauer & Feld LLP has partnered with Palantir Technologies to launch a new legal digital services platform, Akin Gump’s RegSpot. RegSpot is powered by Palantir’s Foundry software and will enable Akin Gump’s clients to utilize innovative solutions to manage and automate their complex compliance requirements.
Palantir’s Foundry software has advanced security functionalities, low-code interfaces, and auditing features and this collaboration will enable a novel use of the software in the legal industry. Through RegSpot, the clients will be able to access software-driven solutions to complex legal and compliance processes. The software will provide a secured single-decision-making platform for Akin Gump and its clients and use automated data solutions to manage complex and time-consuming compliance requirements. Palantir Foundry has built-in auditing and data protection features. The software can handle complex data environments with strict security requirements and is currently being used by other clients for compliance functionalities including anti-money laundering regulations and fraud detection.
The first module that will be developed as a part of Akin Gump’s RegSpot is “MEU Tool, powered by Palantir.” It will support the firm’s clients in their diligence efforts to comply with U.S. government trade restrictions against certain transactions involving “military end use/users” in specified countries. The users of the platform will be able to streamline the various stages of their diligence process including collecting, reviewing, and storing information. At the same time, it will allow Akin Gump to assess and respond to legal risks arising out of certain transactions. Going forward, Akin Gump and Palantir will combine their domain expertise and develop additional offerings to address data-intensive compliances and regulations.
Tom McCarthy, Akin Gump’s international trade practice head, said, “With the increasing complexities of U.S. export controls, companies face the daunting task of conducting sufficient due diligence to identify and respond to red flags. The MEU Tool helps provide an auditable process that promotes consistency, reduces human errors, and serves as a recordkeeping tool to demonstrate a company’s compliance efforts. This function is critical as companies face increasing scrutiny from regulators in an ever-changing legal landscape.”
Shyam Shankar, COO at Palantir, said, “Palantir has a long track record of deploying technology to solve the world’s hardest problems. We are excited for another example of how our customers are able to configure SaaS offerings for their own customers on Foundry at remarkable speed.”
Palantir Technologies Inc., headquartered in Denver, CO and backed by tech billionaire Peter Thiel, is a software company specializing in big data analytics. It builds enterprise data platforms for organizations dealing with complex and sensitive data environments.