Contract Insights

Vendor risk management can be daunting for risk management professionals and financial contract management teams.  In many cases, the process of sourcing a suitable vendor or partner is hard enough on its own.  However, a risk or vendor management professional must also understand a business's requirements and solicit vendors, contractors, and other partners to engage in business with to ensure they are qualified.  Add to the mix the financial responsibility of ensuring compliance under OFAC, or the Office of Foreign Assets Control, from the United States Treasury Department.  Clearly, the duties of reviewing the vendor onboarding process, agreement terms, and clauses can be a time-consuming set of tasks.  Leading contract management software, however, can streamline these processes with seamless OFAC search integration.  Read this blog by CobbleStone's Founder and Executive VP, Mark Nastasi, to learn how.

The Financial Accounting Standards Board's – or FASB's – current ruling and guidance on revenue recognition - ASC 606 - may be important from both accounting and legal contract management standpoints.  The legislation applies to organizations required to report revenue as per FASB standards, organizations that have earned revenue over time, and organizations that have earned revenue when goods and services are delivered or performed.  Discover how leading contract management software – which assists many legal and accounting professionals - can help organizations remain compliant according to the FASB's Accounting Standards Codification (ASC).

As Coronavirus (COVID-19) is now a global pandemic - with the United States presenting the most significant number of cases - I am reminded of current and past experiences implementing contract management software to help organizations with clinical trials and drug development tracking.  Organizations in the medical field, healthcare, pharmaceuticals, biopharmaceuticals, and other related industries need to effectively manage drug development contracts and obligations, clinical trials, manufacturing of medicine, and key opinion leaders globally.  CobbleStone’s leading enterprise contract lifecycle management software provides the solution to these challenges.

Managing contracts takes a lot of time and effort, especially with the economy booming as we lead in to the year 2020.  With this increased workload, contract managers need smarter ways to manage their contracts better.  Legal professionals carefully review contracts with a sharp eye for details, excellent reading skills, deep comprehension, business acumen, and sufficient time management skills, but their process can be improved even more with new advancements in contract lifecycle management.