Vendor, customer, and employee compliance management are essential for organizations to maintain adherence to compliance standards, mitigate risk, and uphold their reputation. However, as contract volume grows, it can be difficult for organizations to track the records of vendors, customers, partners, and employees regularly. To achieve and maintain compliance, it is paramount that organizations, regardless of industry, remain aware of violations committed by entities they are performing business with. Such violations include failure to adhere to economic and trade sanctions under The Office of Foreign Assets Control (OFAC). Contract management software with intelligent national sanction compliance checks and risk analysis snapshots can help organizations to avoid these issues by providing them with a comprehensive and centralized OFAC search process.
Why Communication can Make or Break a Successful Acquisition and Improve Contract Management
Improving Contract Management is not an easy process. There are numerous steps that are involved with the acquisition process. From identifying the initial needs, all the way down to monitoring performance once a contract has been awarded will require multiple people – sometimes from different departments – to get involved. If too many people are contributing to the acquisition process, but aren’t making the effort to communicate with one another internally then the process can be unsuccessful from the start. This creates a communication gap. Not only is effective communication imperative to a successful acquisition process and improving contract management, but an open dialogue with the industry and potential vendors is too.
The EU's new data protection laws took effect May 25, 2018. Make sure your organization is aware of the potential impact, including hefty fines, and ensures GDPR contract compliance.
If it seems there has been a flurry of privacy updates and more talk around GDPR contract compliance, it’s for good reason. GDPR (General Data Protection Regulation) has actually been around since 2016, replacing the old data privacy laws that have found themselves outdated. Once it was recognized, it became mandatory that all companies ensure that they are fully compliant and meeting standards within two years. From May 25th of this year on, the rules and regulations set forth by the GDPR law are being followed accordingly.
Creating a contract is not typically a cut and dry process. A contract may have to complete many internal processes before completion. These processes can be based on contract status, budget, and type to trigger a workflow in a contract management system. Without automated workflows, processes can be time consuming and mistakes can be made. Forget having to manually drop off a contract or make sure it is attached to an email, automated workflows are here to do that for you.