Contract compliance management can be challenging when leveraging primarily manual methods, such as spreadsheet management – especially when tracking multiple contracts with varying compliance standards. Fortunately, contract lifecycle management (CLM) software tools can help remedy contract compliance management challenges. Read on to discover how you can solve three contract compliance management challenges with leading contract management software.
What Is Contract Compliance?
Contract compliance is a contract's adherence to performance obligations and legal regulations between counterparties and their respective organizations. Essentially, it is a barometer in assessing the conformance of what was agreed upon within a contract's pre-signature stage of the contract lifecycle. Without leading CLM software contract compliance tools, contract compliance management can prove arduous.
Contract Compliance Management
Contract compliance management is the process of measuring a contract's adherence to obligations and legal regulations within the post-award contract management stage of the contract lifecycle – which directly correlates with risk management and counterparty trust. Robust contract compliance management usually involves the use of leading CLM software to electronically track contract compliance within a centralized active contract repository.
Challenge #1 - Time-Consuming Contract Compliance Auditing & Reporting
Manually auditing and reporting contract compliance with tools such as spreadsheets can prove time-consuming and, often, frustrating. Fortunately, contract management software offers advanced auditing and reporting features - including visually engaging graphical dashboards - to help retain optimized contract compliance oversight within your organization and with external stakeholders, including DBE tracking for strong supplier diversity. With the help of detailed contract audit trails and milestone tracking, you can remain informed of upcoming fulfillable contract obligations and non-compliance contract areas. Leading CLM software offers robust contract compliance management auditing and tracking features such as:
- highly-configurable dashboards for prioritized areas of contract compliance.
- ad-hoc reporting for system and user-defined reports that can be exported to Excel.
- an online report designer tool to configure dynamic report layouts for at-a-glance contract compliance management assessment.
Watch the video below to see how contract intelligence can help you streamline contract lifecycle management processes and manage contract compliance risk.
Challenge #2 - Unclear OFAC Compliance Audits
Overseeing internal and external OFAC compliance without the right tracking tool can waste time and resources. Fortunately, leading contract software can empower you with an OFAC search graphical risk tool to identify if your contracts, involved vendors, and employees comply with the Office of Foreign Asset Control's national sanctions list.
This graphical risk visualization allows you to identify a contract's OFAC compliance both in the pre-award and post-award stage – increasing robust risk mitigation. Similarly, you can configure rules to notify you in essentially real-time if an entity meets or exceeds a specific OFAC Search percentage - allowing for swift risk mitigation before it becomes untenable.
Challenge #3 - Unaccountable HITRUST Compliance & COI Tracking
As a contract manager, you may need to retain HITRUST compliance and track COI (certificate of insurance) compliance. HITRUST CSF (HITRUST Common Security Framework) compliance requires an organization to adhere to regulations and standards of creating, storing, and exchanging sensitive data – including healthcare and IT data. HITRUST compliance can include proper compliance of COI tracking for vendors.
Luckily, highly-configurable contract management and vendor management software tools, such as the abovementioned configurable alerts and dynamic reporting, can help you track these data points harmoniously in virtually real-time - helping avoid the possibility of your organization falling into non-compliance and causing you to waste time manually gathering crucial data when it might be too late.
Contract Compliance Management With CobbleStone Contract Insight®
Start your efficient and effective contract compliance management journey with CobbleStone Contract Insight® - a leading CLM software solution equipped with the necessary future-minded contract compliance management tools that can help protect your organization's reputation and bottom line.
CobbleStone Contract Insight has remained a visionary leader in CLM software for over twenty years. CobbleStone's award-winning and feature-rich contract management software streamlines the contract management process with optimal governance, reduced friction, and high flexibility from contract requests to renewals - including contract compliance management. Thousands of contract managers trust CobbleStone Contract Insight as their go-to CLM software solution. Moreover, CobbleStone Software - as a CLM software provider – is SOC 1, SOC 2, and Privacy Shield compliant. CobbleStone's user-friendly, robust, and scalable solution seamlessly connects with leading applications, including MS Word and MS Outlook, for unified and seamless contract management. It's no wonder why Forrester names CobbleStone a Leader in CLM software!
To stay up to date on best practices, industry news, and CobbleStone Software updates, be sure to subscribe to our blog and YouTube Channel.