Managing and overseeing contract risk factors can be difficult, stressful, and time-consuming. Manual contract risk assessment can cost organizations money and time and lead to costly and potentially disastrous instances of contract mismanagement. Organizations do their best to diligently track contract risk factors, including potentially negligent clause language. However, contract risk management can prove overwhelming when dealing with multiple deadlines and stakeholders. But all is not lost; there is a solution: contract management software. Read on to learn how to use a contract management risk and opportunity assessment tool to decrease risk and increase your bottom line.
Reliable contract lifecycle management software with built-in OFAC search integration tools can streamline and centralize the process of ensuring employee compliance per the US Treasury’s Office of Foreign Assets Control. Learn how your organization’s HR personnel can maximize CobbleStone Software’s OFAC search with intelligent national sanction compliance checks and risk analysis snapshots for staff. Read this helpful blog – written by CobbleStone Software’s very own HR Administrator, Elicia Neumann.
The health of the contract lifecycle relies upon efficient contract task management. Manual methods for completing contract tasks relating to pre-award and post-award contract lifecycle management can be error-prone, inefficient, and tedious - potentially decreasing your organization's ROI. Read this blog to learn how your organization can embrace streamlined and future-minded contract task management with AI-powered contract management software.
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.