Contract Risk Management - Breaking Down the Basics

    By Reshaun Timmons on 03/25/24

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    A proper legal risk management process is critical for the preservation of a healthy contracting process. Failure to adequately manage contract risk can be disastrous. Harmful contract risk oversights affect not only legal teams – but organizations as a whole.

    Your organization should work to avoid a breach of compliance, violation of contract terms, lost revenue, wasted time, lawsuits, and a damaged company reputation by addressing different types of contract risks. As such, let’s break down agreement risk management and how it can be maximized with contract management software.

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    What Is Contract Management in Procurement?

    By Joshua Hansen on 10/9/23

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    Procurement departments can encounter procurement workflow inefficiencies without the proper procure-to-pay tools – especially when implementing inefficient and disjointed contract management processes.  You can avoid risk, unreasonable vendor pricing, and vendor non-compliance by leveraging contract management processes in procurement that centralize processes, technology, and people.  Read on to discover how you can implement effective contract management software in procurement that results in maximized collaboration of various roles and responsibilities, cost savings, and more fruitful business relationships.

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    5 Risk Management Lifecycle Stages: A Comprehensive Summary

    By Sean Heck on 06/27/23

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    Effective risk management provides organizations with not only valuable business protection – but also the potential for meaningful growth. Central to a healthy approach to risk is an understanding of the risk management lifecycle. Let's delve into the five stages of this risk lifecycle - exploring the types of risks, risk management frameworks, strategies, and the essence of a risk management plan.

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    Passing on Contract Analysis? You May Be Repeating CLM Mistakes.

    By Sean Heck on 09/15/22

    reading-minutes-icon-one-color 4 min read

    The age of digital transformation has forged a path of opportunity for analyzing vital information to improve business processes. This phenomenon strongly applies to contract data as well. Unfortunately, many businesses managing contracts fail to maximize contract data points to learn from mistakes and improve contract processes. As such, they fail to reduce risk, optimize contract terms and language, proactively recognize growth opportunities, strengthen the contract review process, and more.

    Thankfully, you can avoid falling victim to contract lifecycle process failure and stagnation with contract management software.

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