Compliance gaps are dreaded by legal and contract management professionals due to the immense legal risks and complexities associated with it. With businesses expanding beyond geographical boundaries, changing regulations and growing environmental pressures, companies face fast-changing obligations, strict government, federal, and international regulations and growing environmental obligations. Any negligence in complying with these obligations could result in huge financial and reputational losses for companies along with missed opportunities for revenue capture and lost savings.
Large companies deal in thousands of contracts on a yearly basis, exposing them to increased risk of non-compliance of clauses, obligations, financials or project operations and delivery. Without a centralized contract repository or streamlined processes in place, companies often have no way to track their past contracts or monitor their ongoing contracts. This can lead to missed deadlines, redundant obligations or neglected clauses that can have serious repercussions and leave companies struggling.
For contracts to ensure full compliance and achieve their full potential, disparate, rudimentary contracting processes and storage systems cannot suffice. Companies need to have a reliable, integrated contract management system in place with a solid, secure foundation and streamlined processes for compliance management. Here, we give you four pillars for contract compliance management that will keep legal risks at bay and prepare organizations to accurately manage and successfully implement foolproof contract compliance management:
These four pillars of contract compliance are:
- Centralized repository, pre-approved templates and clause libraries
- Well-defined contract performance milestones and metrics
- Standardized workflows
- An audit system for internal processes
Read our white paper to learn in detail about these four pillars and how they form a solid foundation to achieve your contract compliance objectives.