Thomson Reuters (NYSE:TRI) has entered into a strategic agreement with FiscalNote, a comprehensive provider of legislative and regulatory analytics and insight for the financial services industry, helping support legislative analytics and analyses on government data, according to a Thomson Reuters statement.

The main benefit of the agreement will grant Thomson Reuters’ Regulatory Intelligence (TRRI) newly extended capabilities across its predictive legislative analytics. TRRI is a global solution that helps clients focus and leverage their regulatory risk. Per the agreement, FiscalNote will help provide TRRI users with likelihood factors and other insights relegated to specifics pieces of legislative passage.

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FiscalNote utilizes machine learning and natural language processing in its modeling techniques that help it engineer models to conduct a host of analyses on open government data. In essence, these models allow FiscalNote to automatically analyze how legislation is going to yield any material impact via a combination of factors such as legislators, committee assignments, actions taken, bill versions, and amendments.

Following the passage of the agreement, all TRRI clients with access to North American content will be eligible to utilize the FiscalNote implementation, which grants them augmented capabilities in this space.

According to Marion Leslie, Managing Director, Pricing, Reference & Regulatory Services at Thomson Reuters, in a recent statement on the agreement: “We have seen how a single piece of legislation can drastically affect how and with whom companies can do business so it’s important to stay ahead of the outcomes in Washington D.C. Our goal is to deliver solutions that help our customers better manage the increasing amount of regulation required to conduct global business. This new capability enables our customers to better manage regulatory risk with confidence.”

“With Thomson Reuters we have a strong industry leader who will utilize our solution to serve its customer base. Thomson Reuters shares our vision in recognizing the importance legislation plays in shaping the risk and compliance space,” added Tim Hwang, CEO of FiscalNote, in an accompanying statement.