Contractual 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 you retain contractual compliance. Read on to discover how you can streamline three key contractual compliance management areas with leading contract management software.
Contractual compliance is a contract's adherence to legal regulations and performance obligations 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 contractual compliance tools, contractual compliance management can prove arduous.
Contract Compliance Process
Contract compliance process is the method of measuring a contract's adherence to legal regulations and obligations within the post-award contract management stage of the contract lifecycle – which directly correlates with counterparty trust and risk management. Thorough contractual compliance management usually involves the use of leading CLM software to electronically track contract compliance within a centralized contract repository.
#1 - Contractual Compliance Auditing & Reporting
Manually auditing and reporting contractual 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 contractual obligations and non-compliance contract areas. Leading CLM software offers robust contractual compliance management auditing and tracking features such as:
- highly-configurable dashboards for prioritized areas of contractual 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 contractual compliance management assessment.
Discover in the whitepaper below how contract intelligence can help you streamline contract lifecycle management processes and manage contractual compliance risk.
#2 - OFAC Compliance Auditing
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.
#3 - Tracking Certificates of Insurance & Evaluating HITRUST Compliance
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 for creating, storing, and exchanging sensitive data – including healthcare and IT data. HITRUST compliance can include proper compliance with COI tracking for vendors.
Luckily, highly-configurable contract management and vendor management software tools, such as the abovementioned 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.
Contractual Compliance Management With CobbleStone Contract Insight®
Start your efficient and effective contractual compliance management journey with CobbleStone Contract Insight® - a leading CLM software solution equipped with the necessary future-minded contractual 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.
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorney for legal advice regarding any particular legal matter.