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.
In the business world, every professional is aware of what “workflow” is. Contract approval workflow, from the outside looking in, is just a giant chart of approvals and signatures that makes us all wonder, “Is all of this really necessary?” Of course, workflows are essential to keeping the buoyancy in every organization around the world. Processes must be followed in order to keep consistent, optimal production levels.
Contract Compliance Monitoring with Contract Insight Contract Management Software: Leveraging Preventative and Detective Contract Controls
Oftentimes, large companies in highly-regulated industries such as healthcare organizations and public (government) agencies have strict guidelines that they are obligated to follow in order to monitor their contracts for compliance. Some of these include:
Cyber-security has become a huge concern for businesses today. More and more organizations are falling victim to cyber-attacks due to improper handling and storage of sensitive data as well as lower security precautions. Our modern dependence on the convenience and connectedness that technology allows has made organizations more vulnerable to security risks. These threats have become so widespread that President Obama issued an executive order earlier this year mandating stricter cyber-security regulations and imposing stricter sanctions on organizations that engage in cyber-attacks that threaten national security and infrastructure.