Enterprise search and legal discovery firm Recommind has launched a new electronic discovery product designed to offer highly regulated firms an effective means to locate relevant data and carry out an early risk assessment.

Recommind Insite Legal Hold features the firm's concept search technology that works alongside traditional keyword search to find only the relevant data and reduce instances of false negatives, according to the firm's vice president of marketing, Craig Carpenter.

The product will also allow practitioners to review and assess data before it is collected and processed. Built-in processing functionality, meanwhile, could save firms up to 80 per cent on the usual processing and renewing costs, claimed Carpenter.

"This is squarely focused at the large enterprise market, anyone from BT to Barclays, that is highly regulated or involved in litigation," he said.

"There is more and more data, more and more regulations and litigation and we really need to get beyond a keyword-centric approach to this."