Contract Insights

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.

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.

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.

Contractual compliance management can be challenging when leveraging primarily manual methods, such as spreadsheet management – especially when tracking multiple contracts with varying compliance standards.  Fortunately, contract lifecycle management (CLM) software tools can help you retain contractual compliance.  Read on to discover how you can streamline three key contractual compliance management areas with leading contract management software.